๐ฅ Pidilite Share Price Skyrockets by More than 2.5% ๐ฅ
๐ On Wednesday (24th January), the shares of Pidilite Industries, the company behind popular brands like Fevicol, witnessed a rapid surge. The share price increased by over 2.5% and shows promising growth in the future.
๐ Broking house, JP Morgan, upgraded its rating and target price for Pidilite Industries, considering the strong quarterly results (Q3FY24). The target price has been increased by almost 23%.
๐ Pidilite’s stock closed at INR 2,522 on 23rd January, 2024, and it is expected to rise further by 15%. On Thursday (25th January, 2024), the shares were trading at INR 2,591, with a marginal decline of 0.03%.
๐ What do the brokers say? ๐
According to the brokerage firm, the company’s shares experienced a surge after the strong third-quarter results. The operational performance was better than expected, with a total margin increase from 42% to 53%. The working margin also improved from 17% to 24%. Since March 2021, the company has been recording its highest margin.
๐ฐ Q3FY24 Results ๐ฐ
Pidilite Industries reported a consolidated profit growth of 68%, amounting to INR 510 crores in the October-December 2023 quarter. In the same quarter last year, the profit was INR 304 crores. The company’s revenue for the quarter increased by 4% to INR 3,130 crores.
Exciting times lie ahead for Pidilite Industries as its share price continues to soar and its financial performance remains robust. Stay tuned for further updates on this rapidly growing company!
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