Asian Paints Ltd's Q1FY20 consolidated net profit rises 17.9% yoy to Rs672.1cr: Beats Estimates

The company’s consolidated revenue stood at Rs5,130.6cr, up 16.9% yoy and 2.2% qoq.

July 24, 2019 1:43 IST | India Infoline Research Team

Asian Paints Ltd Q1FY20

Consolidated Results Q1FY20: (Rs. in cr)

Q1FY20 YoY (%)
Revenue 5,130.6 16.9
EBITDA 1,156.3 24.4
EBITDA Margin (%) 22.5 136
Net Profit  672.1 17.9
***EBITDA margin change is bps
Asian Paints Ltd (APNT) reported strong set of numbers for the quarter, beating the estimates on all fronts. Consolidated revenue (net of excise duty in the base quarter) of the company grew 16.9% yoy to Rs5,130.6cr (~4% above estimates). Aided by benign input cost (crude oil), gross margin for the quarter remained flat on yoy basis. EBITDA reported strong growth of 24.4% yoy to Rs1,156.3cr (29% above estimate). Strong revenue growth and lower other expense as percent of net sales aided EBITDA margin expansion of 136bps yoy to 22.5% (against estimate of 18.2%). Company reported PAT growth of 17.9% yoy to Rs672.1cr, 21% higher than estimate.
  • Decorative paints business in India registered a high double digit volume growth for the quarter.
  • The Automotive coatings JV (PPG-AP) business was impacted by the severe slowdown being witnessed in the automobile industry. Additionally, demand slowdown weighed on the Industrial Coatings JV (AP-PPG).
  • However, the international business segment continued to remain under pressure, especially in Egypt and Sri Lanka.
  • The paints segment reported 16.6% yoy growth in revenue to Rs5,022.8cr with an EBIT margin of 21.1% (flat yoy).
  • Home improvement segment reported strong 18.6% yoy growth in the revenue, however, the EBIT loss of the segment stood at Rs15.8cr during the quarter (against EBIT loss of 9.8cr in Q1FY19).

Technical View:

Asian Paints Ltd is currently trading at Rs. 1,450.10, up by 21.75 points or 1.52% from its previous closing of Rs. 1,428.35 on the BSE.
The scrip opened at Rs. 1,430 and has touched a high and low of Rs. 1,453.90 and Rs. 1,396 respectively. So far 36,33,755 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 100 DMA.

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