Pidilite Ind. - First Cut
Rajesh Desai
Dear Sir/Madam,
Pidilite Consolidated Net Sales increased by 20% YOY to INR932 crore YOY and it’s EBITDA increased by 25% YOY to INR149 crore. EBITDA Margin of the company increased from 15.4% to 16.0% YOY. Consolidated PAT increased by 51% YOY to INR118 crore. We maintain our Target price of INR256 for the Stock
DESCRIPTION | Dec-12 |
Sep-12 |
Dec-11 |
QOQ |
YOY |
|
Net Sales |
932 |
905 |
775 |
3% |
20% |
|
Total Expenditure |
782 |
769 |
656 |
|
|
|
PBIDT (Excl OI) |
149 |
135 |
119 |
10% |
25% |
|
EBITDA (%) |
16.0% |
15.0% |
15.4% |
|
|
|
Other Income |
28 |
14 |
15 |
|
|
|
Operating Profit |
177 |
149 |
131 |
|
|
|
Interest |
0.11 |
4 |
9 |
|
|
|
PBDT |
177 |
145 |
122 |
|
|
|
Depreciation |
18.03 |
17 |
16 |
|
|
|
PBT |
159 |
128 |
106 |
|
|
|
Tax |
41 |
33 |
27 |
|
|
|
Profit After Tax |
118 |
96 |
79 |
|
|
|
Minority Interest |
1 |
0 |
0 |
|
|
|
Shares of Associates |
0 |
0 |
0 |
|
|
|
Consolidated Net Profit |
118 |
96 |
79 |
24% |
51% |
|
PAT (%) |
12.7% |
10.6% |
10.1% |
|
|
|
|
|
|
|
|
|
|
Equity Capital |
51.26 |
50.86 |
50.77 |
|
|
|
Face Value (In Rs) |
1 |
1.00 |
1.00 |
|
|
|
No. of shares |
51.26 |
50.86 |
50.77 |
|
|
|
|
|
|
|
|
|
|
EPS |
2.31 |
1.88 |
1.55 |
23% |
49% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai