India's Pidilite Industries hits 6-month low after Q3 profit falls

Pidilite Industries

25/01/2023 04:44

** Shares of Fevicol maker Pidilite Industries Ltd  PIDI.NS 
fall as much as 3.2% to 2,306.7 rupees, their lowest since July
26
    ** Co on Tuesday reported a 15.1% fall in consolidated net
profit to 3.04 bln rupees ($37.30 million), hurt by higher input
costs and weak demand
    ** PIDI's consol rev from ops rose 5.2% to 29.98 bln rupees,
marking its slowest growth in nine quarters
    ** MD Bharat Puri said the demand in rural and semi-urban
areas remain under strain
    ** Consumer and Bazaar business revenue grew by 6.9% YOY but
business to business rev dropped 3% YOY
    ** Co was also hurt by a 4.7% rise in cost of raw materials
during the qtr
    ** More than 316,500 shares change hands by 09:55 a.m. IST
vs 1.2x 30-day avg of 263,500 shares
    ** Analysts on average covering the stock have "hold"
rating; median PT is 2,432.5 rupees - Refinitiv data
    ** Stock was up ~3.6% in 2022
($1 = 81.5020 Indian rupees)
 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com; ( +91 8078332441))