28 January 2015
3QFY15 Results Update | Sector: Consumer
Pidilite Industries
BSE SENSEX
29,559
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val (INRm)/Vol ‘000
Free float (%)
Financials & Valuation (INR b)
y/e MAR
Net Sales
EBITDA
Adj PAT
Adj.EPS
Gr. (%)
BV/Sh.INR
RoE (%)
RoCE (%)
P/E (x)
P/BV (X)
2015E 2016E 2017E
44.7
7.9
5.5
10.8
16.0
48.3
22.3
29.2
53.4
11.9
53.3
11.5
8.2
15.9
48.2
60.0
26.6
35.4
36.0
9.6
63.5
13.6
9.7
18.9
18.4
74.7
25.3
34.0
30.4
7.7
S&P CNX
8,914
PIDI IN
506.1
607/269
4/44/62
131/332
30.2
CMP: INR573
TP: INR585 (+2%)
Neutral
M.Cap. (INR b) / (USD b) 290.4/4.7
Estimate change
TP change
Rating change
Marginally below estimates; earnings tailwind ahead
PIDI’s 3QFY15 results were slightly below expectations, with standalone sales
growth of 12.1% YoY to INR10.8b (est. INR11.3b) and an estimated ~7% volume in
the Consumer & Bazaar segment. EBITDA posted 22% growth to INR1.9b (est.
INR1.9b) aided by a lower base (1.5% growth in 3QFY14) and was in line, while PAT
was up 15.4% to INR1.24b (est. INR1.3b).
Gross margin contracted 70bp YoY
to 44.5% (est. 45.8%). Company had initiated
another round of price increase of 2-3% in December, full benefit of which
coupled with input price correction should reflect in 4QFY15. EBITDA margin
expanded 140bp YoY to 17.4% (est. 16.8%), largely due to a decline in other
expenses (down 280bp YoY).
However, higher depreciation costs (up 53.7% YoY), higher interest costs (up
39.6% YoY) and lower other income (down 41.2% YoY), moderated PBT growth to
14.7% YoY. The 50bp contraction in tax rate to 22.9% cushioned the impact on
earnings. Thus, Adj. PAT grew 15.4% YoY to INR1.2b (est. INR1.3b).
Segment-wise:
Consumer & Bazaar segment posted 12.9% sales growth, while
Industrial segment reported muted 5.2% growth. Consumer bazaar segmental
EBIT margin expanded 160bp YoY to 21.5%, with 21.4% EBIT growth. Industrial
segment margin expanded 300bp YoY to 12.3%, with 38.8% EBIT growth.
Consolidated:
Sales, EBITDA and Adj. PAT posted 12.6%, 22% and 18.5% growth
respectively. Reported PAT grew 27.9% due to exceptional items.
Valuation and view:
We raise the estimates by 10-15% to incorporate lower input
cost assumptions and now model for 32% EPS CAGR over FY15E-17E. While
volume growth remains strong, current valuations at 36x FY16E and 30.4x FY17E
EPS are rich, in our view. Maintain
Neutral
with a revised target price of INR585
(31x FY17E EPS, 20% premium to three-year average P/E, given expected strong
EPS CAGR).
Gautam Duggad
(Gautam.Duggad@MotilalOswal.com); +91 22 3982 5404
Manish Poddar
(Manish.Poddar@MotilalOswal.com); +91 22 3027 8029
Investors are advised to refer through disclosures made at the end of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Pidilite Industries
Key quarterly charts
Exhibit 1: PIDI posted sales growth of 12.1% in 3Q; 4.4% below our estimates
41.6
23.6
18.8
29.3
16.0
Sales growth (%)
32.6
21.6
27.7
16.7
16.0
11.2
PAT Growth (%)
16.1
2.4
15.6
20.7
12.5
15.2
19.3
19.5
9.2
14.6
8.7
15.4
12.1
-6.3
-3.3
Source: Company, MOSL
Exhibit 2: Segmental Performance (Standalone)
Segmental
Consumer and Bazaar
Sales (INRm)
Sales Growth (%)
EBIT (INRm)
% Contribution
EBIT Growth %
EBIT margin %
Industrial Products
Sales (INR m)
Sales Growth (%)
EBIT (INRm)
% Contribution
EBIT Growth %
EBIT margin %
1,646
17.6
213
14.6
-5.0
12.9
1,441
0.8
161
11.4
-38.5
11.1
1,647
4.5
196
17.3
-22.3
11.9
1,849
11.8
226
10.3
-3.0
12.2
1,705
3.6
166
10.1
-21.9
9.8
1,657
15.0
183
10.5
13.8
11.0
1,872
13.6
232
14.8
18.8
12.4
1,863
0.8
192
7.3
-15.1
10.3
2,162
26.8
247
11.4
48.4
11.4
1,939
17.0
181
10.6
-1.2
9.3
2,193
17.2
184
13.3
-21.0
8.4
2,169
16.4
161
6.3
-16.0
2,327
7.7
267
11.9
8.2
2,039
5.2
251
11.8
38.8
5,583
22.8
1,274
87.1
9.1
22.8
5,483
21.8
1,269
89.9
12.5
23.1
4,987
21.7
966
85.3
29.9
19.4
7,437
21.2
1,999
90.9
30.3
26.9
6,645
19.0
1,495
91.1
17.3
22.5
6,794
23.9
1,588
90.9
25.2
23.4
5,867
17.6
1,363
86.9
41.2
23.2
8,417
13.2
2,415
92.6
20.8
28.7
7,883
18.6
1,931
88.9
29.2
24.5
7,822
15.1
1,559
91.6
-1.8
19.9
6,988 10,169
19.1
1,228
88.9
-10.0
17.6
20.8
2,413
95.0
-0.1
23.7
9,135
15.9
1,997
88.7
3.4
21.9
8,803
12.5
1,893
89.5
21.4
21.5
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15
7.4
11.5
12.3
Source: Company, MOSL
Exhibit 3: Gross margin contracted 70bp YoY in 3Q
Gross Margins (%)
46.7
44.8 44.8
43.0
45.5
46.7 46.8
44.4
45.2
42.6
43.9 43.6
44.5
Exhibit 4: EBITDA margins expanded 140bp YoY led by
lower other exp.
21.0
17.3
14.8
EBIDTA Margins (%)
22.1
17.9 18.1
18.5
16.3
16.0
12.9
19.2
17.8 17.4
Source: Company, MOSL
Source: Company, MOSL
28 January 2015
2

Pidilite Industries
~7% volume growth; margin expansion in Consumer Bazaar segment
Pidilite’s standalone sales grew 12.1% YoY to INR 10.8b (est. INR11.3b) with an
estimated volume growth of ~7% in the Consumer & Bazaar segment. EBITDA
grew 22.2% YoY of INR1.88b (est. INR1.9) and Adj. PAT posted growth of 15.4%
YoY to INR1.24b (est. INR1.31b).
Gross margins contracted 70bp YoY to 44.5% (est. 45.8%) impacted primarily by
higher consuming costs. Company has initiated another round of price increase
of 2-3% in December, full benefit of which is to reflect in 4QFY15, in our view.
Additionally, we expect consuming costs of RM to ease as existing high cost
inventory depletes.
Savings in other expenditure (down 280bp YoY to 17.5%) were partially offset by
higher staff cost (up 60bp YoY to 9.6%). So EBITDA margins expanded 140bp YoY
to 17.4% (est. 16.8%).
However, higher depreciation costs (up 53.7% YoY), higher interest costs (up
39.6% YoY) and lower other income (down 41.2% YoY), moderated PBT growth
to 14.7% YoY. 50bps contraction in tax rate to 22.9% cushioned the impact on
bottom-line. Thus, Adj. PAT grew 15.4% YoY to INR1.2b (est. INR1.3b).
Consumer & Bazaar sales up 12.9%; EBITDA margins up 160bp
Consumer & Bazaar sales were up 12.9% led by an estimated 7% volume
growth. EBIT margins expanded 160bp YoY to 21.5% with 21.4% YoY EBIT
growth.
Industrial segment posted 5.2% YoY growth in revenues. EBIT margins expanded
up 300bp YoY to 12.3% with 38.8% EBIT growth.
Consolidated performance highlights
Consolidated: Sales PAT posted 12.6%, 22.0% and 18.5% growth respectively.
Reported PAT grew 27.9% due to exceptional items.
Gross margins contracted 90bp to 44.2% while EBIT margins increased 130bp to
16.1%.
Consumer & bazaar segment reported 13% sales growth and 20.9% EBIT growth
with 130bp margin expansion to 18.9%.
Industrial segment reported 5.2% sales growth and 38.8% EBIT growth with
300bp margin expansion to 12.3%.
Change in estimates
We revise our estimates upwards by 10-15% for FY16/17 to incorporate sharp
correction in input and packaging costs. Pidilite’s dominant market positioning
in Adhesives ensures good pricing power which means price cuts will be limited.
We note that Pidilite typically does not take price cuts.
We now build in 31% and 32% EBITDA and PAT CAGR over FY15-17E.
28 January 2015
3

Pidilite Industries
Exhibit 5: Revise estimates by 15% to factor in lower RM costs
FY15E
44,713
7,863
5,512
New
FY16E FY17E
53,261 63,473
11,503 13,574
8,171
9,672
FY15E
45371
7808
5398
Old
FY16E
54108
10660
7344
FY17E
64293
12276
8421
% Change
FY15E FY16E FY17E
-1.4%
-1.6%
-1.3%
0.7%
7.9% 10.6%
2.1% 11.3% 14.9%
Source: Company, MOSL
Net Sales
EBITDA
Adjusted PAT
Valuation and view
Consistent high single digit to low double digit volume growth in its core
business despite challenging macro underscores strong brand equity of Pidilite.
Pidilite will be one of the biggest beneficiaries of RM correction, in our view.
At the CMP, the stock trades at 36x FY16 and 30.4x FY17 EPS are rich and
discount the positives adequately in our view. Maintain
Neutral
with revised
target price of INR 585 (31x FY17 EPS, 20% premium to 3 year average P/E).
Exhibit 7: PIDI P/E premium vs. Sensex
Exhibit 6: PIDI P/E (x)
45.0
37.0
29.0
21.0
13.0
5.0
20.5
20.2
7.3
PE (x)
Median(x)
Peak(x)
Min(x)
Avg(x)
42.6
42.6
200
150
100
50
0
-50
-100
Pidilite Inds. PE Relative to Sensex PE (%)
170.4
LPA (%)
30.2
Source: Company, MOSL
Source: Company, MOSL
Exhibit 8: Valuation Matrix of coverage universe
Company
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Consumer
GSK Consumer
Hind. Unilever
ITC
Marico
Nestle
Pidilite Inds.
Radico Khaitan
United Spirits
Retail
Jubilant Foodworks
Shopper's Stop
Titan Company
Reco
Neutral
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Neutral
Buy
Price Mkt Cap EPS Growth YoY (%)
P/E (x)
EV/EBITDA (x)
ROE (%) Div. (%)
(INR) (US$ M) FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY15E
910
1915
1921
252
928
1110
5609
932
362
353
7303
574
91
3455
1424
477
433
14234
3728
4258
7212
3435
6158
3845
32877
46188
3704
11479
4794
196
8185
1518
639
6269
20.3 20.0
21.8 20.3
14.4 24.4
16.1 16.1
18.1 28.5
19.8 31.3
-12.5 18.4
6.0 18.3
11.5 14.4
10.0 19.1
7.1 18.0
16.0 48.2
-12.0 20.6
LP 151.7
12.6
47.6
16.7
60.6
35.8
25.7
19.8 59.1
23.7 48.4
24.6 46.5
18.0 41.4
22.6 44.3
19.3 42.8
16.5 39.9
18.7 52.3
16.0 29.4
17.2 39.8
18.4 56.5
18.4 53.4
19.2 15.1
43.5 199.4
41.3
25.1
25.8
70.0
70.5
44.4
49.2
40.2
37.4
35.6
34.5
32.6
33.7
44.2
25.7
33.4
47.9
36.0
12.6
79.2
43.5
52.0
35.4
41.1
32.5
30.0
30.2
28.7
27.3
29.0
37.2
22.2
28.5
40.5
30.4
10.5
55.2
30.8
41.5
28.1
38.9
34.4
31.4
32.7
37.4
30.4
38.1
38.8
19.9
26.0
33.7
36.2
9.5
68.4
33.6
20.8
33.0
32.1
28.0
23.9
28.1
28.5
23.9
31.1
32.0
17.4
21.3
29.0
24.4
8.3
46.9
21.6
17.4
26.0
26.5 31.6
21.3 45.7
19.3 88.4
23.6 33.3
22.7 44.1
20.6 19.5
26.0 27.9
26.1 102.4
14.9 34.5
17.8 26.1
24.7 50.4
20.2 22.3
7.1 9.1
36.5 7.7
15.4
14.7
20.4
19.4
7.3
28.0
0.9
1.0
1.6
1.0
0.8
0.9
1.1
1.9
2.3
0.2
1.2
0.6
1.0
0.0
0.0
0.2
0.7
Source: Company, MOSL
28 January 2015
4

Pidilite Industries
Story in charts
Exhibit 9: Revenues CAGR of 19.1% over FY14-17E
Revenues (INR mn)
21.8
18.3 19.1
14.5
9.6
Revenue growth (%)
19.1
15.9
15.1
19.2
15.0
11.0
13.0
11.0
Exhibit 10: Volume growth of 7% in 3Q
Volume growth (%)
16.0
11.0
7.5
15.0
11.0 12.0
13.0
10.0
7.0
FY09
FY10
FY11
FY12
FY13
FY14 FY15E FY16E FY17E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: Gross margins expansion of 460bp over FY15-17E,
led by benign input cost…
49.0
47.6
45.7
44.3
42.1
44.9
43.9
Gross Margin (%)
48.5
48.5
Exhibit 12: ...EBITDA margins expansion of 380bp over
FY15-17E
EBITDA Margin (%)
20.4
20.1
17.3
13.5
21.6
18.8
17.5
17.6
21.4
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
Exhibit 13: PAT to grow at 32.5% CAGR over FY14-FY17E
PAT (INR mn)
100.5
48.2
17.6
3.5
FY10
FY11
1.7
FY13
FY14 FY15E FY16E FY17E
Source: Company, MOSL
18.4
PAT growth (%)
Exhibit 14: Return Ratios (x)
31.3
28.9
25.3
20.0
RoE
26.6
23.3
22.3
26.3
37.8
25.3
-22.0
FY09
10.0
FY12
FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E
Source: Company, MOSL
28 January 2015
5

Pidilite Industries
Corporate profile: Pidilite Industries
Company description
Pidilite Industries is the largest branded adhesives
player in India, with an iconic brand like Fevicol.
Apart from a strong presence in adhesives, company
has expanded into emerging segments like
mechanized joinery, modular furniture, flooring,
automotive care and water proofing through Dr Fixit
and Roff.
Exhibit 1: Exhibit 18: Sensex rebased
650
550
450
350
250
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Pidilite Inds.
Sensex - Rebased
Exhibit 15: Shareholding pattern (%)
Dec-14
Promoter
DII
FII
Others
69.8
4.1
15.5
10.6
Sep-14
70.0
3.5
15.9
10.6
Dec-13
70.1
3.8
15.2
10.9
Exhibit 16: Top holders
Holder Name
Genesis Indian Investment Company Limited -General
Government Pension Fund Global
% Holding
7.8
1.1
Note: FII Includes depository receipts
Exhibit 17: Top management
Name
M B Parekh
N K Parekh
Designation
Chairman and Managing Director
Joint Managing Director
Exhibit 18: Directors
Name
N J Jhaveri*
Sanjeev Aga*
Bharat Puri*
Ranjan Kapur*
Bansi S Mehta*
Name
A N Parekh
Uday Khanna
Meera Shankar
J L Shah
A B Parekh
*Independent
Exhibit 19: Auditors
Name
Delloite Haskins & Sells
Mahajan & Aibara
Type
Statutory
Internal
Exhibit 20: MOSL forecast v/s consensus
EPS (INR)
FY15
FY16
FY17
MOSL
forecast
10.8
15.9
18.9
Consensus
forecast
10.9
13.9
17.2
Variation (%)
-1.5
15.0
9.8
28 January 2015
6

Pidilite Industries
Financials and valuations
Income Statement
Y/E March
Net Sales
Change (%)
Raw Materials
Gross Profit
Margin (%)
Operating Expenses
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income
Profit before Taxes
Change (%)
Margin (%)
Tax
Tax Rate (%)
Adj PAT
Change (%)
Margin (%)
Exceptional/Prior Period inc
Reported PAT
FY10
19,539
9.6
9958
9581
49.0
5597
3,984
65.8
20.4
464
286
55
3,289
101.5
16.8
354
10.8
2935
100.5
15.0
0
2,935
FY11
23,799
21.8
12472
11327
47.6
6546
4,780
20.0
20.1
444
268
157
4,225
28.5
17.8
936
22.2
3289
12.1
13.8
250
3,039
FY12
28,163
18.3
15674
12489
44.3
7626
4,863
1.7
17.3
479
245
428
4,566
8.1
16.2
1,096
24.0
3470
5.5
12.3
126
3,344
FY13
33,539
19.1
18206
15333
45.7
9021
6,312
29.8
18.8
532
80
436
6,136
34.4
18.3
1,588
25.9
4548
31.1
13.6
-59
4,608
FY14
38,859
15.9
21401
17458
44.9
10653
6,805
7.8
17.5
686
97
353
6,375
3.9
16.4
1,624
25.5
4751
4.5
12.2
65
4,686
FY15E
44,713
15.1
25062
19651
43.9
11788
7,863
15.5
17.6
861
69
416
7,350
15.3
16.4
1,837
25.0
5512
16.0
12.3
0
5,512
(INR Million)
FY16E
53,261
19.1
27417
25845
48.5
14342
11,503
46.3
21.6
928
81
548
11,042
50.2
20.7
2,871
26.0
8171
48.2
15.3
0
8,171
FY17E
63,473
19.2
32676
30797
48.5
17223
13,574
18.0
21.4
994
81
659
13,159
19.2
20.7
3,487
26.5
9672
18.4
15.2
0
9,672
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Liability
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Capital WIP
Investments
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
FY10
506
8,880
9,386
4,214
415
14,015
8,064
3,889
4,175
2,774
5,108
6,238
2,506
2,388
328
1,015
4,279
3,302
977
1,959
14,015
FY11
506
10,889
11,395
2,867
410
14,672
8,720
4,310
4,410
3,331
4,656
7,596
3,544
2,866
273
913
5,321
4,137
1,184
2,275
14,672
FY12
508
13,209
13,717
2,629
454
16,800
9,723
4,764
4,959
3,713
3,328
11,005
3,963
3,261
2,577
1,204
6,206
4,925
1,281
4,799
16,799
FY13
513
16,812
17,324
600
484
18,408
10,607
5,270
5,337
4,087
5,469
10,892
4,512
3,668
1,368
1,345
7,378
5,199
2,179
3,514
18,408
FY14
513
19,883
20,395
77
508
20,980
12,055
5,942
6,113
4,311
5,738
12,730
5,082
4,536
1,452
1,660
7,912
5,871
2,041
4,818
20,980
FY15E
513
24,247
24,759
77
534
25,370
13,255
6,803
6,452
3,906
7,483
16,705
7,318
5,488
1,931
1,968
9,175
6,687
2,488
7,530
25,370
FY16E
513
30,258
30,771
77
559
31,407
14,455
7,731
6,724
3,906
10,786
20,271
8,572
6,393
3,087
2,219
10,278
7,719
2,559
9,992
31,408
FY17E
513
37,771
38,283
77
585
38,945
15,655
8,725
6,930
3,906
15,637
24,402
10,043
7,446
4,461
2,453
11,930
9,283
2,646
12,472
38,945
28 January 2015
7

Pidilite Industries
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Debtor (Days)
Creditor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
FY10
5.8
8.8
18.5
1.5
30.2
FY11
6.5
10.3
22.5
1.8
31.3
FY12
6.8
10.5
27.0
1.9
32.3
FY13
8.9
13.4
33.8
2.6
34.3
FY14
9.3
14.6
39.8
2.7
34.1
FY15E
10.8
17.0
48.3
3.6
39.2
FY16E
15.9
24.2
60.0
3.6
26.4
FY17E
18.9
28.4
74.7
3.6
22.3
98.9
65.3
14.8
72.6
30.9
0.3
88.3
55.6
12.1
60.3
25.5
0.3
83.9
54.5
10.2
59.2
21.2
0.3
64.7
43.0
8.6
45.6
17.0
0.5
61.9
39.3
7.4
42.2
14.4
0.5
53.4
33.7
6.4
36.2
11.9
0.6
36.0
23.7
5.3
24.4
9.6
0.6
30.4
20.2
4.3
20.2
7.7
0.6
31.3
25.5
28.9
30.6
25.3
28.6
26.3
33.8
23.3
30.8
22.3
29.2
26.6
35.4
25.3
34.0
45
77
3.2
44
79
3.6
42
77
2.9
40
70
3.8
43
67
3.6
45
66
3.2
44
67
3.2
43
68
3.3
0.4
0.3
0.2
0.0
0.0
0.0
0.0
0.0
Cash Flow Statement
Y/E March
PBT before Extra Ord
Add: Depreciation
Interest Paid
Less: Taxes Paid
Interest income
(Incr)/Decr in WC
CF from Operations
Extra ordinary items
CFO after extraordinary
Incr in FA
Pur of Investments
CF from Invest.
Change in Networth
Incr in Debt
Dividend Paid
Interest Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
28 January 2015
FY10
3,289
464
286
354
55
1,316
4,945
0
4,945
-680
-2,701
-3,380
-1,796
-1,366
885
-286
55
-2,508
-942
1,271
328
FY11
4,225
444
268
936
157
-372
3,472
-250
3,222
-1,236
452
-784
-2,065
-1,347
1,029
-268
157
-2,493
-55
328
273
FY12
4,566
479
245
1,096
428
-219
3,548
-126
3,421
-1,411
1,328
-83
-2,100
-239
1,122
-245
428
-1,034
2,304
273
2,578
FY13
6,136
532
80
1,588
436
76
4,800
59
4,859
-1,284
-2,141
-3,425
-2,530
-2,029
1,559
-80
437
-2,642
-1,209
2,577
1,369
FY14
6,375
686
97
1,624
353
-1,221
3,961
-65
3,896
-1,686
-268
-1,954
-3,210
-523
1,619
-97
353
-1,858
84
1,368
1,452
FY15E
7,350
861
69
1,837
416
-2,232
3,794
0
3,794
-795
-1,745
-2,540
-3,282
0
2,159
-69
416
-776
479
1,452
1,931
(INR Million)
FY16E
11,042
928
81
2,871
548
-1,307
7,325
0
7,325
-1,200
-3,303
-4,503
-4,293
0
2,159
-81
549
-1,666
1,157
1,931
3,088
FY17E
13,159
994
81
3,487
659
-1,107
8,981
0
8,981
-1,200
-4,851
-6,051
-4,293
0
2,159
-81
658
-1,557
1,373
3,087
4,460
8

Pidilite Industries
NOTES
28 January 2015
9

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PIDILITE INDUSTRIES LT
No
No
Pidilite Industries
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10