Asian Paints - Q1FY2014 Result Review - Angel Broking

For 1QFY2014 Asian Paints posted a 11.1% yoy growth in its consolidated net sales to Rs. 2,818cr, which was in-line with estimates. The company's decorative paints business in India continued to perform well with paints volume growing by double digits. However, industrial paints and automotive coatings businesses continued to be affected by economic slowdown. OPM fell by 156bp yoy to 15.7% and was in-line with estimates. Steep decline in INR offset decline in raw material prices. Net Profit fell by 4.6% on a yoy basis to Rs. 275cr.

We maintain a neutral rating on the stock.

Source : Equity Bulls

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