Pidilite Industries Ltd

₹ 2,622 -0.69%
12 Aug - close price
About

Pidilite Industries Limited is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY products and polymer emulsions in India. Most of the products have been developed through strong in-house R&D. Our brand name Fevicol has become synonymous with adhesives to millions in India and is ranked amongst the most trusted brands in the country. Some of our other major brands are M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax, Hobby Ideas, Araldite. [1]

Key Points

Revenue Breakup
Company earns about 52.5% of its revenues from adhesives & sealants category, followed by Construction & paint chemicals (19%), art& craft materials (8%), industrial adhesives (6%), pigment & preparation (6.2%) & industrial resins & construction chemicals (6%). In total, the company produces ~500 products for its brands.
It has its business divided into 2 divisions, consumer & bazaar products which accounts for 80% of revenues, and B2B products segment which accounts for 19% of revenues [1]

  • Market Cap 133,301 Cr.
  • Current Price 2,622
  • High / Low 2,765 / 1,989
  • Stock P/E 99.4
  • Book Value 126
  • Dividend Yield 0.38 %
  • ROCE 26.1 %
  • ROE 20.2 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 37.4%

Cons

  • Stock is trading at 20.8 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
2,017 1,807 1,927 1,545 878 1,880 2,299 2,236 1,937 2,626 2,851 2,507 3,101
1,573 1,438 1,463 1,244 811 1,368 1,658 1,775 1,589 2,077 2,302 2,106 2,572
Operating Profit 444 368 463 301 66 513 641 461 348 550 549 401 529
OPM % 22% 20% 24% 19% 8% 27% 28% 21% 18% 21% 19% 16% 17%
40 35 41 -19 20 22 22 15 8 15 9 16 14
Interest 7 8 8 10 9 9 12 7 10 12 11 9 9
Depreciation 38 40 42 50 46 48 49 57 57 60 60 62 61
Profit before tax 439 354 455 222 32 478 601 411 290 491 487 346 473
Tax % 33% 8% 24% 30% 50% 25% 26% 25% 25% 24% 26% 26% 24%
Net Profit 293 324 342 158 27 356 442 306 220 375 358 254 354
EPS in Rs 5.77 6.38 6.73 3.10 0.53 7.01 8.69 6.03 4.33 7.37 7.05 5.00 6.96

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
2,657 3,127 3,678 4,283 4,844 5,361 5,617 6,078 7,078 7,294 7,293 9,921 11,085
2,199 2,641 3,120 3,611 4,073 4,188 4,355 4,737 5,707 5,718 5,606 8,065 9,056
Operating Profit 458 485 558 672 771 1,173 1,262 1,341 1,371 1,576 1,686 1,856 2,029
OPM % 17% 16% 15% 16% 16% 22% 22% 22% 19% 22% 23% 19% 18%
41 42 107 38 40 81 115 153 130 97 74 39 54
Interest 36 31 16 16 16 13 14 16 26 34 37 42 41
Depreciation 59 64 69 81 118 100 115 120 133 170 201 240 244
Profit before tax 403 433 581 612 678 1,141 1,248 1,359 1,342 1,470 1,522 1,614 1,797
Tax % 23% 25% 27% 27% 25% 29% 31% 29% 31% 24% 26% 25%
Net Profit 310 324 424 450 513 803 860 962 925 1,116 1,131 1,208 1,341
EPS in Rs 6.13 6.39 8.27 8.77 10.00 15.66 16.77 18.95 18.21 21.97 22.26 23.76 26.38
Dividend Payout % 29% 30% 31% 31% 29% 26% 28% 32% 36% 32% 38% 42%
Compounded Sales Growth
10 Years: 12%
5 Years: 12%
3 Years: 12%
TTM: 33%
Compounded Profit Growth
10 Years: 14%
5 Years: 7%
3 Years: 9%
TTM: 1%
Stock Price CAGR
10 Years: 31%
5 Years: 26%
3 Years: 25%
1 Year: 19%
Return on Equity
10 Years: 25%
5 Years: 24%
3 Years: 23%
Last Year: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
51 51 51 51 51 51 51 51 51 51 51 51
Reserves 1,034 1,270 1,600 1,901 2,219 2,587 3,420 3,523 4,097 4,405 5,542 6,353
336 321 111 46 58 80 98 125 113 288 331 416
622 722 853 930 986 996 1,202 1,500 1,643 1,779 2,890 2,675
Total Liabilities 2,043 2,364 2,616 2,928 3,315 3,714 4,770 5,199 5,904 6,523 8,814 9,494
564 618 646 729 978 1,137 1,275 1,342 1,448 1,807 4,418 4,703
CWIP 344 394 428 458 462 158 148 228 242 259 294 225
Investments 170 98 294 260 370 706 1,443 1,246 1,548 1,186 516 459
965 1,255 1,248 1,481 1,505 1,713 1,904 2,383 2,666 3,270 3,586 4,107
Total Assets 2,043 2,364 2,616 2,928 3,315 3,714 4,770 5,199 5,904 6,523 8,814 9,494

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
299 367 472 394 552 907 794 796 845 1,280 1,392 955
-32 -239 -144 -99 -436 -491 -879 39 -513 103 -1,688 -558
-229 -135 -339 -242 -165 -371 41 -790 -361 -849 -76 -468
Net Cash Flow 39 -7 -12 54 -49 45 -45 46 -29 533 -372 -71

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 48 46 43 45 44 48 50 56 54 54 66 53
Inventory Days 106 95 95 93 88 89 100 102 95 100 133 114
Days Payable 45 43 45 54 45 53 54 69 59 67 109 70
Cash Conversion Cycle 109 98 92 84 86 84 96 89 90 88 91 96
Working Capital Days 34 14 23 33 31 42 46 56 54 45 35 54
ROCE % 31% 29% 34% 33% 32% 46% 40% 38% 35% 35% 29% 26%

Shareholding Pattern

Numbers in percentages

5 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
69.71 69.98 69.92 70.19 70.19 70.19 70.16 70.13 69.99 69.98 69.94 69.94
11.10 11.25 11.50 11.17 10.90 11.39 11.88 12.08 11.78 11.66 11.57 11.13
8.72 8.21 7.90 8.04 8.67 8.24 7.59 7.15 7.29 7.48 7.30 7.48
0.06 0.06 0.05 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10.40 10.50 10.63 10.54 10.24 10.18 10.37 10.64 10.94 10.88 11.19 11.45

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