India's Pidilite Industries falls after Q4 profit misses estimates

Pidilite Industries

08/05/2024 09:00

** Shares of Pidilite Industries Ltd  PIDI.NS  down 3.9% at
2,834 rupees
    ** PIDI's Q4 profit rose 6.2% to 3.01 billion rupees ($36.1
million) but missed analysts' avg expectation of 4.19 billion
rupees - LSEG 
    ** 'Fevicol' adhesive maker booked a one-time loss of 716.7
million rupees from divesting entire stake in Brazil-based unit
    ** PIDI also flagged "short term" softness in demand
environment
    ** Over 1 mln shares traded, 2.9x 30-day avg volume
    ** Analysts tracking PIDI rate it "hold" on avg; median PT
is 2,800 rupees - LSEG data
    ** Stock trims YTD gains to 4.3%



($1 = 83.5050 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))