Pidilite net declines 13% - Views on News from Equitymaster

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Pidilite net declines 13%

Jan 30, 2001

Pidilite Industries has declared a 13% decline in its net profit to Rs 146 m in 3QFY01. The company's turnover however, recorded a growth of 7% during the period.

(Rs m) 3QFY00 3QFY01 Change
Gross sales 1,083 1,157 6.80%
Other income 22 14 -36.40%
Turnover 1,105 1,171 6.00%
Expenses 844 912 8.10%
Gross profit 265 246 -7.20%
Depreciation 29 41 41.40%
Interest 14 17 21.40%
Profit before tax 244 202 -17.20%
Tax 77 56 -27.30%
Profit after tax 167 146 -12.60%
Gross profit margin 24.50% 21.30%  
Effective tax rate 31.60% 27.70%  
Net profit margin 15.40% 12.60%  

Pidilite Industries is engaged in the manufacture of adhesives and sealants (60% of turnover). Its flagship product ‘Fevicol’ is generic name for adhesives in India and commands 60% market share. The company is backed by a strong R&D base and has pioneered almost 60% of the products it sells. Therefore, its products command a huge price premium (nearly 500%) over competing brands. It recently bought over 'Ranipal', a fabric whitener brand from Indian Dyestuff Industries.

A 36% decline in other income, a 41% jump in depreciation and a 21% jump in interest costs saw the company post the decline in its bottomline.

At the current price of Rs 241, the stock trades at a P/e multiple of 10.4 times its annualised 3QFY01 performance.

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