Pidilite Industries Q3 Results Review - Margin Outlook Improving: ICICI Securities

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.Pidilite Industries Ltd. reported Q3 FY23 consolidated revenue growth of 5.2% YoY (three-year compound annual growth rate of 15.9%) on a high base, with consumer and bazaar segment revenue up 6.9% YoY. Consolidated operating margin contracted 272 basis points YoY (flat QoQ) to 16.5% due to higher raw material costs (gross margin declined 175 bps YoY) resulting in Ebitda/PAT decline of 9.7%/15.2% YoY, respectively. Management stated demand was healthy in tier-I to tier-III markets, but rural and semi-urban markets were lacklustre during the quarter. Pidilite expects revival in those markets over the next six months aided by a good monsoon. They indicated the benefit of lower raw material costs should be seen from Q4 FY23 onward and that they are hopeful of margins returning to their historical as well as guided range of 20-24% in H1 CY23..Click on the attachment to read the full report:.Amara Raja Batteries Q3 Results Review - Strong Margin Performance: Dolat Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Pidilite Industries Q3 Results Review - Margin Outlook Improving: ICICI Securities

Consolidated operating margin contracted 272 basis points YoY to 16.5% due to higher raw material costs.

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Pidilite Industries Q3 Results Review - Margin Outlook Improving: ICICI Securities

Consolidated operating margin contracted 272 basis points YoY to 16.5% due to higher raw material costs.

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