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Dolat Capital Report
Pidilite Industries Ltd.'s Q1 FY21 results were below our estimate as the impact of lock down was more than our anticipation. Nevertheless, that the company witnessed sequential improvement from May to July is encouraging.
Consumer bazaar segment has witnessed strong improvement in July, however, B2B business still remains under pressure. In addition, rural areas have witnessed faster recovery compared to urban.
Going ahead, we believe that the company's strong brand portfolio and wide distribution reach should help accelerate revenue growth. Further, input cost stabilisation (Vinyl Acetate Monomer (VAM) prices 650-700 U.S. dollar per tonne versus 825 U.S. dollar per tonne in Q1 FY21) will help improve margins.
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