Asian Paints Q4 Results Review - Upbeat Operating Performance: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Direct Report.Strong performance on all fronts. Asian Paints Ltd. reported healthy revenue growth of ~11% YoY to ~Rs 8787 crore led by strong volume offtake. Decorative volume growth came in at 16% YoY led by robust demand and expansion of distribution networks. Asian Paints has not taken any price hike during Q4 FY23.Easing raw material prices helped drive gross margin up 379 basis points YoY. As a result, Ebitda margin expanded 293 bps YoY to 21.2%. Profit after tax grew 44% YoY to Rs 1258.4 crore tracking Ebitda margin expansion.Key triggers for future price performance: Repainting represents ~80% of total decorative paint demand. A gradual reduction in the repainting cycle would drive future paint demand. In addition to this, increased government capex on infra and rural housing will help drive overall paint demand.Increased focus on launching of new products, strengthening of backward integration is likely to drive Ebitda margin, going forward.Model revenue, earnings compound annual growth rate of ~14% each in FY23-25E..Click on the attachment to read the full report:.Asian Paints Q4 Results Review - Ending The Year On A High Note: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Asian Paints Q4 Results Review - Upbeat Operating Performance: ICICI Direct

Asian Paints reported healthy revenue growth of ~11% YoY to ~Rs 8787 crore led by strong volume offtake.

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