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Q4FY21 Result Update - Pidilite Industries - ICICI Direct

Posted On: 2021-05-16 06:48:38 (Time Zone: UTC)


Pidilite's Q4FY21 gross margin came in lower by 455 bps YoY (down 400 bps QoQ) led by 30% YoY rise in average cost of vinyl acetate monomer (VAM). Spot VAM prices have further risen 66% from their Q4FY21 average cost. According to the company, VAM prices are expected to peak out from June 2021 onwards. Hence, gross margin pressure may continue in Q1FY22 also. However, to address the inflationary pressure, the company initiated price hikes in May 2021 (took price hike in the range of 4-6%) in its adhesive product portfolios. We believe Pidilite is well placed to partially pass on inflationary pressure and gain market share, especially in the lockdown scenario of supply disruptions given its strong market positioning. The company will be a frontrunner in sales recovery (post ease in lockdown restrictions) given its strong brand, robust balance sheet position and nearly unmatchable supply chain network in the industry. Hence, Pidilite's annual EBITDA margin guidance of 22-24% remains intact despite such big disruptions. The company is also looking to expand its product portfolio in newer category such as wood finishes and construction chemicals (water proofing) segment. We tweak our revenue, earning estimates marginally lower by ~7% and ~3%, respectively, for FY22E.

For details, click on the link below: Link to the report

Shares of PIDILITE INDUSTRIES LTD. was last trading in BSE at Rs.1888.5 as compared to the previous close of Rs. 1878.9. The total number of shares traded during the day was 73565 in over 6441 trades.

The stock hit an intraday high of Rs. 1912.75 and intraday low of 1816.15. The net turnover during the day was Rs. 137249875.


Source: Equity Bulls

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