Kotak Securities' report on Pidilite Industries
"PIL reported Q2FY15 results in line with our estimates. Price hike taken in the later part of the quarter mitigated the effect of higher VAM prices to a reasonable extent. Domestic growth has been driven by demand from consumer /Bazar product division. Margins in international business remained subdued."
"We tweak FY16 estimates to factor in 1) increased sales and margin sustenance in consumer business and 2) pick up in industrial business. We value PIL stock at 30x FY16E earnings and maintain 'ACCUMULATE' (Buy on decline) rating with revised target price of Rs 420 (Rs 400 earlier)", says Kotak Securities research report.
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