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Prabhudas Lilladher Report
We continue to remain positive on the long term story of Pidilite Industries Ltd. given its strong presence in water proofing and construction chemicals due to first mover advantage and strong connect with trade.
Huntsman acquisition is on track and will strengthen the company in Epoxy-based adhesives which will lead to higher growth and profitability (~31.3% margins).
Lower penetration in waterproofing market provides large headroom for growth and despite pressure from paint companies Pidilite remains confident as market for waterproofing has been expanding due to increased consumer awareness and acceptance.
Business-to-business and export are expected to perform better in FY22 despite lockdowns however retail will be impacted in FY22.
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