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Earnings

Pidilite Q3 results today: Low growth expected on a high base

Updated : January 23, 2019 09:17 AM IST

Low growth expected on a high base

Expect margins to be muted YoY, better QoQ

Domestic Volume growth seen between 6-8% on a high base of 23%

Pidilite is set to report its third-quarter results on Wednesday and the company is likely to report sluggish numbers.

A mild crack is expected primarily because of the high base, no other reason. Pidilite, Fevicol sticks to what the street expects and sticks to its growth as well. The stock is up 27 percent from October lows virtually at a record high, trades at 50 times.
Looking at Asian Paints numbers, street would perhaps believe that Pidilite is also likely to outperform primarily because both these companies are pretty similar in the nature of the business that they do.
A low growth expected on a high base, margins muted year-on-year (YoY) but would improve quarter-on-quarter (QoQ) on account of lower crude prices and the company’s key input which is VAM.
Total income growth seen at 12 percent, EBITDA likely to be flat around Rs 373 crore and the net profit growth of about 2.5 percent around Rs 245-250 crore so that is what the street is expecting.
Key things to watch is domestic volume growth seen between 6 percent and 8 percent and this comes on a high base of 23 percent. So that is something that the street will take note of.
6-8 percent volume growth, 3-4 percent price growth would together take the total income growth to about 12 percent. Input prices have been higher YoY, lower QoQ so that is something the street will definitely keep an eye out on.

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