The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Avi Mehta - Macquarie Research - Analyst
: I just had two questions. First, I wanted to clarify this $2,000 essentially, is there a very wide range? Is there a lot of volatility in the VAM price that
you're witnessing? Or is it like it's broadly going to be remaining impacted? And b, is the -- is mix going to be a lever that you will use again in this
quarter to kind of offset this impact, the product portfolio mix, product mix?
Question: Avi Mehta - Macquarie Research - Analyst
: Was essentially mix. Do you -- would you look to kind of play the product portfolio like SKU...
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. And just the last bit, just a clarification, if I may. I was a little surprised to see the FY '21 performance, basically, positively surprising the
[business] segment and a little bit kind of surprised to see the waterproofing segment performance. So we have seen quite healthy growth while
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MAY 13, 2021 / 11:00AM, PIDI.NS - Q4 2021 Pidilite Industries Ltd Earnings Call
waterproofing is more or less flattish. Just wanted to understand -- my expectation is waterproofing will actually continue to do well. So what am
I missing?
Question: Avi Mehta - Macquarie Research - Analyst
: No. No. I'm not with a share. So what I'm doing then with the shares that you give out? The FY '21 shares that you've given, if I compare it with the
FY '20 share, they are more flattish in the waterproofing side, which suggests that waterproofing is close to 0 minus (inaudible).
Question: Avi Mehta - Macquarie Research - Analyst
: Yes.
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. And adhesives would be a little bit of a lag out? Is that the way I should -- would that be a fair...
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. And so where I was going with this is for the second wave -- I mean the first lockdown, while it may not be an exact mirror image, it gives
you a sense on how you can expect. Would that -- would you -- what would you say the risks to kind of that assumption?
Question: Avi Mehta - Macquarie Research - Analyst
: Okay. Okay. So...
Question: Avi Mehta - Macquarie Research - Analyst
: Sir, can you hear me?
Question: Avi Mehta - Macquarie Research - Analyst
: Yes. Sorry, sorry. Sir, from a product portfolio side also, it would be busy. I was essentially looking from that aspect as well. Sorry, that was the last
question.
Question: Avi Mehta - Macquarie Research - Analyst
: And waterproofing would be better than some of these buckets.
Question: Ritesh Shah - Investec Bank plc, Research Division - Analyst
: I have two questions. My first question is on the working capital. If I look at the receivable days, it's the highest one we see in the last 20 years, that's
what model end up, too. I don't have beyond that. So I wanted to understand why the reason for receivables to jump up sharply.
And secondly, also, basically, inventory days have also moved up both at stand-alone as well as control. I think it will be a good thing if more of it
is on the cost side. So that's the first question, sir. I would like to understand this. [Can you give us...]
Question: Ritesh Shah - Investec Bank plc, Research Division - Analyst
: Sure. Sure. Sure. My second question is we have given numbers on PAPL separately on the slide. I just wanted to understand when we had done
the transition, I think the number which was indicated was around INR 500 crores, if I'm not mistaken. And that number actually looks like a pretty
Question: Ritesh Shah - Investec Bank plc, Research Division - Analyst
: Sir, would we have grown on the market share side as compared to the past?
Question: Ritesh Shah - Investec Bank plc, Research Division - Analyst
: That's great and quite encouraging. And sir, last question, you did indicate about the price increases. Just wanted to touch upon, have we changed
around the discounting of the incentive schemes given the demand is a bit subdued in the current scenario.
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MAY 13, 2021 / 11:00AM, PIDI.NS - Q4 2021 Pidilite Industries Ltd Earnings Call
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