Berger Paints - Domestic act in order… Maintain ACCUMULATE:: Emkay

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Berger Paints

Domestic act in order… Maintain ACCUMULATE

ACCUMULATE

CMP: Rs101                                        Target Price: Rs109

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n     Domestic volume growth in the decorative paints segment remains strong at 15%+ for the quarter

n     Standalone sales growth of 30% yoy to Rs 6.4 bn and PAT growth of 10% yoy to Rs 407 mn is in line with our expectation

n     However, seasonally weak performance of its Polish subsidiary, has affected consolidated PAT of Rs372mn - below estimates

n     Retain our FY12E and FY13E EPS of Rs 5.0/share and Rs 6.2/share, respectively. Maintain ACCUMULATE rating with target price of Rs 109/share