Asian Paints - Q1FY14 Result - Microsec

Asian Paints Ltd Consolidated Net Sales increased by 12% YOY to INR2841 crore YOY and its EBITDA increased by 4% YOY to INR465 crore. EBITDA Margin of the company decreased from 17.5% to 16.4% YOY. Consolidated PAT decreased by 5% YOY to INR275 crore due to higher depreciation charges. Result of the company was below estimates.

At the CMP of INR5050, the stock is trading at a P/E of 39.4x its FY14E EPS of INR128. We remain Neutral on the stock.

Source : Equity Bulls

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