#Pidilite in focus
#Q3FY25 #Q3Results

@PidiliteInd is set to release its quarterly number today and expectations are as follows

4.8% yoy standalone revenue growth led by moderation in domestic C&B UVG to 4.5% (versus 6% in 2Q) and 0-1% pricing to result in 5% sales growth. B2B segment is expected to witness growth moderating to 7% yoy (versus 15.6% growth in 2Q). 

Aggregate revenues of subsidiaries to decline by 8% yoy, as we factor in the divestment of Americas (Brazil) business.

Overall, KIE estimate consolidated revenue growth of 3.6% yoy (~5% on LFL basis adjusted for the sale of Americas business). PIDI intends to double-digit standalone UVG (in the absence of any Black wan event) in FY2025E.

Consolidated GM to increase 200 bps yoy to ~55%, as VAM prices remained subdued even in the current quarter ($780/ton VAM China Bloomberg price in 3Q versus $980/ton PIDI's consumption cost in 2Q). 

PIDI's EBITDA margin to expand 85 bps yoy to 24.6% ( ahead of company's guidance range of 20-24%), while they continue to invest in brand and manufacturing facilities, and to expand the distribution network.
#pidilite
#Pidilite #Q3FY25 #Q3Results