Asian Paints Ltd. share price target

Revenue increased by 5.24% to Rs. 4483.58 Cr in Q4FY18 when compared to the previous quarter. Asian Paints Ltd Q4FY18 results Comment

Asian Paints (APL) recorded strong growth in net sales by ~15% YoY to | 4483.6 crore (I-direct estimate - | 4345.7 crore) led by a mix of volume growth and price hikes. We believe volume growth of ~11% during the quarter was led by both decorative and industrial paint demand. During FY18, the company took two price hikes in May 2017 and May 2018 by 2.7% and 1.4%, respectively. APL has guided at further hike in prices to offset rising inflationary pressure in raw materials. On the international front, poor...

Both the underperforming segments of Home improvement business including Kitchen (Sleek) and bathroom (EssEss), have reported strong financial performance which is healthy for the company. Other expenditure was significantly high in the quarter (+8.8% YoY and +29.2% QoQ), which impacted the operational performance. Source: Kotak Securities - PCG; Company...

grew in double-digits led by improved demand conditions. 47.2 Gross margin contracted 50bp YoY to 43.2%, but the impact was offset by CMP: INR1,215 TP: INR1,280(+5%)...

Asian Paints (APL) witnessed 10.5% growth in net sales to | 4260.5 crore (I-direct estimate - | 4460.4 crore) mainly led by a mix of volume growth and price hikes. We believe volume growth has been to the tune of 5% during the quarter. Decorative paints demand remained muted for the company due to lower demand in south India that was impacted by extended monsoons and continued GST related disruptive environment, in general Operating margin improved 120 bps to 20.9% (I-direct estimate:...

For quarter ended December 2017, net sales rose 10% to Rs 4260.52 crore compared to corresponding previous year period. The company operating margins rose 130 bps to 20.9%. As a result operating profit growth grew 18% to Rs 891.18 crore. Cost of raw material consumed as a percentage of net sales (net of stock adjustment) rose 170 bps to 51.3%, purchase of stock in trade fell 500 bps to 5.5%, employee benefit expense fell 10 bps to 6.5% and other expense decreased 260 bps to 15.3%. Other income of the company rose 20% to Rs 49.66 crore. Interest cost increased 2% to Rs 9.21 crore. Depreciation increased 6% to Rs 89.6 crore. PBT as a result rose 19% to Rs 842.03...

Asian Paints Ltd Q3FY18 results comment Revenue fell by 0.11% to Rs. 4260.52 Cr in Q3FY18 when compared to the previous quarter.

Asian Paints has posted a mixed set of results in 3QFY18. While its consolidated revenues grew by 10.5% YoY to Rs42.6bn missing our estimate of Rs45.6bn, EBITDA rose by 17.7% YoY to Rs8.9bn marginally ahead of our estimate of Rs8.8bn. Its net profit increased by 19.6% YoY to Rs5.7bn,...

Asian Paints has posted a mixed set of results in 3QFY18. While its consolidated revenues grew by 10.5% YoY to Rs42.6bn missing our estimate of Rs45.6bn, EBITDA rose by 17.7% YoY to Rs8.9bn marginally ahead of our estimate of Rs8.8bn. Its net profit increased by 19.6% YoY to Rs5.7bn,...

Asian Paints (APNT) reported consol. sales growth of 10.5% YoYto INR42.6b in 3QFY18, with volume growth of ~6% (est. of +15%) in the domestic decorative paints business. EBITDA and adj. PAT grew 17.7% and 19.6% YoY, respectively. Gross margin shrunk sharply by 150bpYoY to 42.2%. Increase in raw material cost YoY was offset by lower other expenses (-270bp YoY) and employee costs (-10bp YoY), leading to EBITDA margin expansion of 130bp YoY to 20.9%. Standalone performance: Net sales grew 10.7% YoY to INR36b. Gross margin shrunk by 90bp YoY to 43.5%, while EBITDA margin expanded 210bp YoY to 22.7%, as other expenses contracted 270bp YoY. Thus, EBITDA grew 21.9% YoY to INR8.2b. Adj. PAT was up 24.2% YoY to INR5.3b.