Neutral on Pidilite Industries\, target price Rs 1385: Motilal Oswal

Motilal Oswal has given neutral rating to Pidilite Industries with a target price of Rs 1385. The share price moved up by 0.35 per cent from its previous close of Rs 1497.80. The stock’s last traded price is Rs 1503.05.
Pidilite Industries Ltd., incorporated in the year 1969, is a Large Cap company (having a market cap of Rs 76145.38 Crore) operating in Diversified sector.

Financials
 For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 877.84 Crore, down 43.17 % from last quarter Sales of Rs 1544.68 Crore and down -56.47 % from last year same quarter Sales of Rs 2016.81 Crore. The Company reported net profit after tax of Rs 15.35 Crore in latest quarter.

Investment Rationale
The brokerage maintains a Neutral rating on the stock from a one-year perspective on account of fair valuations (58.5x FY22 EPS) and uncertain near-term recovery, especially in the B2B part of the business (~15% of sales). However, initiatives to grow the Growth and Pioneer categories could go a long way in revitalizing medium-term sales and earnings growth, which have dropped significantly in the past four years. These metrics reported an 8–10% CAGR over the past four years v/s ~16% and ~20%, respectively, in the first six years of the decade.

Promoter/FII Holdings
Promoters held 70.2 per cent stake in the company as of June 30, 2020, while FIIs held 11.2 per cent, DIIs 8.1 per cent and public and others 10.5 per cent.

Neutral on Pidilite Industries\, target price Rs 1385: Motilal Oswal

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Coronavirus latest update: DCGI has gave permission to Serum Institute of India to resume clinical trial of the Oxford Covid-19 vaccine candidate. Stay tuned for coronavirus India LIVE updates

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Coronavirus India updates: India has crossed the grim 5-million mark by recording 90,123 cases in the last 24 hours. With this, India is rapidly nearing the US tally of 6.7 million. The death toll has risen by 1,283 to 82,091. The government prevented 1.4-2.9 million coronavirus cases and 37,000-78,000 deaths due to the disease by imposing the nationwide lockdown that was announced on March 24, the Lok Sabha was informed on Tuesday.

Maharashtra, Andhra Pradesh and Tamil Nadu have reported the highest number of cases. However, infections are rising rapidly in states like Karnataka, Uttar Pradesh and West Bengal. Meanwhile, Delhi recorded 4,263 new corona cases, pushing the tally to 225,000. The worst-hit states are Maharashtra (1,097,856) Andhra Pradesh (583,000), Tamil Nadu (5,14,208), Karnataka (4,75,265), and UP (324,036). Arunachal Pradesh Chief Minister Pema Khandu has tested positive for the coronavirus. 

Coronavirus vaccine update: ICMR Director General Dr Balram Bhargava today said three vaccines are at the clinical trial stage in India. "Cadila and Bharat Biotech have completed phase-I trials. Drugs Controller General of India (DCGI) Dr V G Somani has gave permission to Serum Institute of India to resume clinical trial of the Oxford Covid-19 vaccine candidate.

World coronavirus update: The global tally of coronavirus cases stands at 29,715,422. While 21,523,712 have recovered, 938,406 have died so far. The US, the worst-hit country, 6,787,739 cases. It is followed by India, which has 5,020,359 cases, Brazil (4,384,299) and Russia (1,073,849).

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