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Asian Paints
Asian Paints posted a mixed set of numbers on the top-line and the earnings front. The top
line grew by robust 29.6% yoy (ahead of our estimates of 24% yoy growth); however,
earnings growth was modest at 9.7% yoy (below our estimates of 19% yoy growth), as the
company faces margin pressures and high depreciation cost. The company’s operating profit
grew by 8.4% yoy to `344cr (`318cr). However, operating margins contracted by 321bp yoy
on account of a 336bp contraction in gross margins (on account of spiraling crude prices)
and other expenses (up 64bp yoy). The stock is currently under review.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Asian Paints
Asian Paints posted a mixed set of numbers on the top-line and the earnings front. The top
line grew by robust 29.6% yoy (ahead of our estimates of 24% yoy growth); however,
earnings growth was modest at 9.7% yoy (below our estimates of 19% yoy growth), as the
company faces margin pressures and high depreciation cost. The company’s operating profit
grew by 8.4% yoy to `344cr (`318cr). However, operating margins contracted by 321bp yoy
on account of a 336bp contraction in gross margins (on account of spiraling crude prices)
and other expenses (up 64bp yoy). The stock is currently under review.
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