Asian Paints - 4QFY2013 Result Review - Angel Broking

For 4QFY2013 Asian Paints posted a 6.9% yoy growth in net sales to Rs. 2,714cr, which was below estimates impacted by slowdown in demand due to weak economic scenario. OPM fell by 106bp yoy to 13.8%, primarily on account of increase in other expenses which as a % of net sales went up by 318bp on a yoy basis. Net Profit fell by 3.6% on a yoy basis to Rs. 251cr, due to weak operational performance.

We maintain a neutral rating on the stock.

Source : Equity Bulls

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