Asian Paints - 3QFY2013 Result Review - Angel Broking

Asian Paints (CMP: Rs.4,310/ TP: -/ Upside: -)

Asian Paints posted a 18.6% yoy growth in topline to Rs.3,037cr aided by both higher volume and better realizations. The occurrence of festivals during the quarter helped in boosting the volumes of decorative business. However, demand for industrial business remained subdued due to slowdown in project execution. OPM rose by 117bp yoy to 16.3% due to higher realization and decline in raw material costs. Bottomline rose by 30.6% yoy to Rs.350cr.

We maintain a neutral recommendation on the stock.

Source : Equity Bulls

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