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Dolat Capital Report
Pidilite Industries Ltd.’s Q4 FY22 results missed our estimates. Revenue performance was impacted by sluggish growth in the domestic consumer bazaar segment.
Weak consumer sentiments and increased product prices hampered the segment which posted flattish volume performance.
Domestic consumer bazaar business saw growth of 10.2% (up 54.6% in Q4 FY21). Business-to-business reported 23.9% YoY increase, on a base of 21.3%.
Management expect raw material costs to moderate in H2 FY23E. We believe that the raw material price stability would help Pidilite to improve its margin profile.
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