Sell Pidilite Industries, target price Rs 2350: Yes Securities

Yes Securities has sell call on Pidilite Industries with a target price of Rs 2350. The current market price of Pidilite Industries is Rs 2523.65. Yes Securities recommended to keep stop loss at Rs 2615.

Pidilite Industries, incorporated in the year 1969, is a Large Cap company (having a market cap of Rs 129705.18 Crore) operating in Diversified sector.

Pidilite Industries key Products/Revenue Segments include Chemical Product, Scrap, Export Incentives and Other Operating Revenue for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 3022.13 Crore, down -2.88 % from last quarter Total Income of Rs 3111.79 Crore and up 14.46 % from last year same quarter Total Income of Rs 2640.25 Crore. Company has reported net profit after tax of Rs 334.67 Crore in latest quarter.

The company’s top management includes Mr.M B Parekh, Mr.B S Mehta, Mr.Rajeev Vasudeva, Mr.Piyush Pandey, Mr.Vinod Dasari, Mrs.Meera Shankar, Mr.Uday Khanna, Mr.Sanjeev Aga, Mr.Debabrata Gupta, Mr.A N Parekh, Mr.Sudhanshu Vats, Mr.Bharat Puri, Mr.A B Parekh, Mr.N K Parekh, Mr.Meher Pudumjee. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-06-2022, the company has a total of 51 Crore shares outstanding.

Investment Rationale
Reverted off 45-degree downsloping trendline, con-firming bearish turtle break and anchor column.

Promoter/FII Holdings
Promoters held 69.94 per cent stake in the company as of 30-Jun-2022, while FIIs owned 11.13 per cent, DIIs 7.47 per cent.