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Motilal Oswal Report
Pidilite Industries Ltd. reported a strong beat versus our estimate in its Q1 FY22 result, with sales down only 4% over Q1 FY20 levels, despite the lockdowns caused by the second Covid-19 wave.
Demand rebound was strong in June 2021 and continued to sustain in July 2021 as well.
While gross margin was adversely impacted in Q1 FY22 due to sharply higher vinyl acetate monomer costs (up two times YoY), leading to a 440 basis points YoY contraction in gross margin, there has been some reduction in VAM costs since April 2021.
Pidilite Industries' management expects gross margin to improve in H2 FY22.
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