Pidilite Industries Limited Research Report
Pidilite Industries Limited Research Report
|
Industry |
Market Price |
Recommendation |
Target |
Time Horizon |
|
Chemical |
2,332 |
Buy |
3,266 |
2 years |
Q4 FY 2022 Review
Pidilite Industries Limited reported net revenue of ₹2,507.10 crores for the quarter ended March 31, 2022, compared to ₹2,235.52 crores for March 31, 2021. EBIT and Profit After Tax were ₹350 crores and ₹254.35 crores for the quarter ended March 31, 2022, as compared to ₹429.93 crores and ₹307.44 crores, during the corresponding quarter of the previous year.
Pidilite Industries Limited - Investment Summary
|
CMP (₹) |
2,332 |
|
52 Week H/L |
1,989/2,765 |
|
Market Cap (crores) |
1,18,601 |
|
Face Value (₹) |
1.00 |
|
Promoter Holding (%) |
69.94 |
|
Non-Promoter Holding (%) |
30.06 |
|
Total (%) |
100.00 |
|
Book Value |
₹129 |
|
EPS TTM |
₹23.75 |
Pidilite Industries Limited - Overview
-
Pidilite Industries is India’s leading manufacturer of adhesives, construction chemicals, specialty chemicals, consumer, and maintenance products.
-
The company has a portfolio of over 1,000 products developed through strong-in-house R&D.
-
It has 6,000 distributors and 6,00,000 dealers/retailers across India.
-
It has manufacturing facilities in India, Bangladesh, Thailand, Singapore, Dubai, Brazil, U.S., and Egypt.
-
It has State-of-art R&D centers in India and Singapore.
Beta: 0.61 |
Alpha: 16.35 |
Risk Reward Ratio: 1.64 |
Margin of Safety: 29% |
Pidilite Industries Limited - Quarterly Summary
|
Quarterly (INR in crores) |
Mar-22 |
Dec-21 |
Sep-21 |
Jun-21 |
Mar-21 |
|
Revenue from Operations |
2,507 |
2,851 |
2,626 |
1,937 |
2,236 |
|
Other income |
11.11 |
5.17 |
13.9 |
6.12 |
17.33 |
|
Total Income |
2,518 |
2,856 |
2,640 |
1,943 |
2,253 |
|
|
|
|
|
|
|
|
Total Expenditure |
2168.21 |
2362.15 |
2137.09 |
1645.83 |
1831.92 |
|
EBIT |
350.00 |
493.74 |
503.16 |
297.08 |
420.93 |
|
|
|
|
|
|
|
|
Finance cost |
9.35 |
10.75 |
12.36 |
9.62 |
7.44 |
|
EBT before Exceptional Items and share of Profit of Associate |
340.65 |
482.99 |
490.80 |
287.46 |
413.49 |
|
|
|
|
|
|
|
|
Share of Profit of Associate |
5.22 |
3.73 |
0.65 |
2.28 |
1.32 |
|
EBT before Exceptional Items |
345.87 |
486.72 |
491.45 |
289.74 |
414.81 |
|
|
|
|
|
|
|
|
Exceptional Items |
0 |
0 |
0 |
0 |
3.62 |
|
PBT |
345.87 |
486.72 |
491.45 |
289.74 |
411.19 |
|
|
|
|
|
|
|
|
Tax Expenses |
91.52 |
127.48 |
115.92 |
72.1 |
103.75 |
|
PAT |
254.35 |
359.24 |
375.53 |
217.64 |
307.44 |
Business
-
Pidilite Industries Limited was incorporated on 28th July 1969.
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Pidilite was the first company in India that started the production of violet pigment in the year 1973.
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The company got listed on BSE in the year 1993.
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Fevicol, the company’s premier brand, ranked among the top 15 Indian brands by the FE Bandwagon in 1997.
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The company ranked among the best 100 brands in the year 2014.
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Some of the company’s major brands include Fevicol, Fevicol MR, Dr. Fixit, Fevikwik, M-Seal, Fevistik, Hobby Idea’s, and Fevicryl.
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The company operates under two business segments:
-
Branded Consumer & Bazaar:
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Products such as adhesives, sealants, art & craft materials, and construction and paint chemicals are covered under Branded Consumer & Bazaar.
-
These products are widely used by carpenters, painters, plumbers, mechanics, households, students, offices, and many more.
-
-
Business to Business:
-
Business to Business segment covers products such as industrial adhesives, industrial resins, construction chemicals, organic pigments, pigments preparation, and many more.
-
It caters to various industries like packages, joineries, textiles, paints, printing inks, paper, leather, etc.
-
-
-
Out of the total revenue, 79% of revenue have generated from Branded Consumer & Bazaar and 21% from Business to Business in FY 2022, compared to 80% and 20% in FY 2020.
-
Out of total revenue, 85% of revenue is received from India and 15% from outside India in FY 2022, compared to 83% and 17% in FY 2021.
Pidilite Industries Limited - Ratio Analysis
|
|
Mar-19 |
Mar-20 |
Mar-21 |
Mar-22 |
|
Profitability Ratio |
|
|
|
|
|
Gross Profit |
51% |
55% |
55% |
45% |
|
EBITDA Margin |
21% |
24% |
24% |
19% |
|
EBIT Margin |
20% |
21% |
21% |
17% |
|
Pre-Tax Margin |
37% |
36% |
38% |
36% |
|
Net Profit Margin |
13% |
15% |
15% |
12% |
|
|
||||
|
Return on Investment |
||||
|
Return on Asset – ROA |
17% |
18% |
15% |
13% |
|
Return on Capital Employed – ROCE |
32% |
33% |
28% |
24% |
|
Return on Equity – ROE |
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