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Dolat Capital Report
Asian Paints Ltd.'s Q1 FY22 revenues, Ebitda and adjusted profit after tax came ahead of our estimate as the impact of lockdown in April-May 2021 was lower compared to our assessment and June recovery was significantly higher.
However, 13-15% raw material inflation and delayed price hikes (~3%) hampered margins during the quarter.
We believe that the margins would remain under pressure in the near term, but expect improvement in H2 FY22E with calibrated price pass on.
Asian Paints' domestic business posted 96% YoY net sales growth with two year compound annual growth rate of 4.6% - was encouraging considering lockdown during the quarter.
International business posted more than 50% growth due to strong performance in Asia (up 119%) and Middle East (up 40%).
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