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Pidilite share slip 3% after input costs hit Q3 profit

Pidilite share slip 3% after input costs hit Q3 profit

Pidilite Industries shares slipped 3.1% at Rs 2308 today against the previous close of Rs 2382 on BSE. The stock has been falling for the last two sessions.

Pidilite Industries stock has lost 10.5% in a year and slipped 9.15% in 2023. The stock opened with a loss of 2.98% at Rs 2311.30  on BSE. Pidilite Industries stock has lost 10.5% in a year and slipped 9.15% in 2023. The stock opened with a loss of 2.98% at Rs 2311.30 on BSE.

Shares of Fevicol maker Pidilite Industries fell over 3% in early trade after the firm reported its earnings for the quarter ended December 2022.  Pidilite Industries stock slipped 3.1% at Rs 2308 today against the previous close of Rs 2382 on BSE. The stock has been falling for the last two sessions. Market cap of Pidilite fell to Rs 1.17 lakh crore on BSE. Total 0.22 lakh shares changed hands amounting to a turnover of Rs 5.23 crore on BSE. The stock hit a 52-week low of Rs 1988.60 on June 17, 2022 and a 52-week high of Rs 2,916 on September 15, 2022 on BSE.  

The large cap stock has lost 10.5% in a year and slipped 9.15% in 2023. The stock opened with a loss of 2.98% at Rs 2311.30 on BSE.

In terms of technicals, the relative strength index (RSI) of Pidilite Ltd stands at 31.9, signaling it's neither oversold nor undersold. Pidilite stock has a one-year beta of 0.8, indicating low volatility during the period. Pidilite Industries stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.   

In the third quarter of the current fiscal, Pidilite reported a 17.39% fall in its standalone net profit at Rs 296.26 crore against a net profit of Rs 358.61 crore in the corresponding period of the previous fiscal. However, sales rose 4.87% to Rs 2709 crore in Q3 of this fiscal against Rs 2583 crore in the December quarter of the previous fiscal. Pidilite, known for its synthetic resin adhesive Fevicol and waterproofing product Dr. Fixit, reported a 4.7% rise in cost of raw materials. 

In the second quarter, Pidilite reported a 11.27% fall in its consolidated net profit at Rs 332.44 crore against a net profit of Rs 374.65 crore in the corresponding period of the previous fiscal.  

Pidilite Industries is engaged in the manufacturing of adhesives, sealants, waterproofing solutions and construction chemicals, arts & crafts, industrial resins and polymers.

 
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Published on: Jan 25, 2023, 11:41 AM IST
Posted by: Tarab Zaidi, Jan 25, 2023, 11:33 AM IST