Pidilite Industries Ltd

About [ edit ]

Pidilite Industries is engaged in the manufacture of adhesives and glues, including rubber based glues and adhesives. The Consumer & Bazaar Products segment includes products, such as adhesives, sealants, art and craft material and others, construction and paint chemicals.(Source : Company Web-site )

Key Points [ edit ]
  • Market Cap 85,672 Cr.
  • Current Price 1,686
  • High / Low 1,850 / 1,186
  • Stock P/E 85.4
  • Book Value 95.2
  • Dividend Yield 0.42 %
  • ROCE 34.6 %
  • ROE 26.8 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.11%
  • Company has been maintaining a healthy dividend payout of 33.07%

Cons

  • Stock is trading at 17.72 times its book value
  • The company has delivered a poor sales growth of 8.53% over past five years.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,485 1,834 1,757 1,848 1,639 2,017 1,807 1,927 1,545 878 1,880 2,299
1,211 1,452 1,391 1,507 1,360 1,573 1,438 1,463 1,244 811 1,368 1,658
Operating Profit 274 382 366 341 279 444 368 463 301 66 513 641
OPM % 18% 21% 21% 18% 17% 22% 20% 24% 19% 8% 27% 28%
Other Income 53 33 26 28 47 40 35 41 -19 20 22 22
Interest 4 7 6 6 7 7 8 8 10 9 9 12
Depreciation 30 30 32 32 39 38 40 42 50 46 48 49
Profit before tax 293 377 354 331 280 439 354 455 222 32 478 601
Tax % 16% 36% 35% 34% 15% 33% 8% 24% 30% 50% 25% 26%
Net Profit 244 239 232 219 235 293 324 342 158 27 356 442
EPS in Rs 4.81 4.70 4.56 4.32 4.63 5.77 6.38 6.73 3.10 0.53 7.01 8.69
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,986 2,194 2,657 3,127 3,678 4,283 4,844 5,361 5,617 6,078 7,078 7,294 6,602
1,785 1,812 2,189 2,643 3,094 3,618 4,078 4,188 4,355 4,737 5,708 5,721 5,081
Operating Profit 202 382 469 484 584 665 766 1,173 1,262 1,341 1,370 1,573 1,521
OPM % 10% 17% 18% 15% 16% 16% 16% 22% 22% 22% 19% 22% 23%
Other Income 29 34 30 43 81 45 45 81 115 153 131 100 46
Interest 44 38 36 31 16 16 16 13 14 16 26 34 40
Depreciation 59 67 59 64 69 81 118 100 115 120 133 170 194
Profit before tax 128 311 403 433 581 612 678 1,141 1,248 1,359 1,342 1,470 1,333
Tax % 13% 13% 23% 25% 27% 27% 25% 29% 31% 29% 31% 24%
Net Profit 112 273 310 324 424 450 513 803 860 962 925 1,116 983
EPS in Rs 2.20 5.39 6.13 6.39 8.27 8.77 10.00 15.66 16.77 18.95 18.21 21.97 19.33
Dividend Payout % 40% 28% 29% 30% 31% 31% 29% 26% 28% 32% 36% 32%
Compounded Sales Growth
10 Years:13%
5 Years:9%
3 Years:9%
TTM:-11%
Compounded Profit Growth
10 Years:16%
5 Years:18%
3 Years:10%
TTM:-18%
Stock Price CAGR
10 Years:28%
5 Years:24%
3 Years:24%
1 Year:11%
Return on Equity
10 Years:27%
5 Years:27%
3 Years:26%
Last Year:27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
25 51 51 51 51 51 51 51 51 51 51 51 51
Reserves 669 821 1,034 1,270 1,600 1,901 2,219 2,587 3,420 3,523 4,097 4,405 4,785
Borrowings 609 469 336 321 111 46 58 80 98 125 113 288 263
384 509 622 722 853 930 986 996 1,202 1,500 1,643 1,779 1,860
Total Liabilities 1,687 1,850 2,043 2,364 2,616 2,928 3,315 3,714 4,770 5,199 5,904 6,523 6,958
551 546 564 618 646 729 978 1,137 1,275 1,342 1,448 1,807 1,881
CWIP 282 293 344 394 428 458 462 158 148 228 242 259 304
Investments 25 268 170 98 294 260 370 706 1,443 1,246 1,548 1,186 2,067
829 743 965 1,255 1,248 1,481 1,505 1,713 1,904 2,383 2,666 3,270 2,706
Total Assets 1,687 1,850 2,043 2,364 2,616 2,928 3,315 3,714 4,770 5,199 5,904 6,523 6,958

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
237 392 299 367 472 394 552 907 794 796 845 1,280
-222 -313 -32 -239 -144 -99 -436 -491 -879 39 -513 103
-27 -194 -229 -135 -339 -242 -165 -371 41 -790 -361 -849
Net Cash Flow -12 -116 39 -7 -12 54 -49 45 -45 46 -29 533

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 14% 26% 31% 29% 34% 33% 32% 46% 40% 38% 35% 35%
Debtor Days 53 49 48 46 43 45 44 48 50 56 54 54
Inventory Turnover 3.39 3.20 4.06 4.11 4.21 4.29 4.39 4.15 3.99 3.86 4.20 3.72

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
69.78 69.76 69.74 69.76 69.75 69.75 69.71 69.98 69.92 70.19 70.19 70.19
10.37 11.83 11.87 11.44 11.71 11.46 11.10 11.25 11.50 11.17 10.90 11.39
9.09 8.01 7.70 7.95 7.71 7.91 8.72 8.21 7.90 8.04 8.67 8.24
0.08 0.07 0.07 0.07 0.06 0.06 0.06 0.06 0.05 0.07 0.00 0.00
10.68 10.33 10.62 10.77 10.76 10.82 10.40 10.50 10.63 10.54 10.24 10.18

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