Asian Paints Ltd's Q4FY18 consolidated net profit rises 4.06% yoy to Rs480.99cr : Misses Estimates

The company’s consolidated revenue stood at Rs4,483.58cr, up 14.72% yoy and 5.24% qoq.

May 10, 2018 11:05 IST India Infoline Research Team

Asian Paints Ltd Q4FY18

Consolidated Results Q4FY18: (Rs. in cr)

Q4FY18 YoY (%)
Revenue 4,483.58 14.7
EBITDA 839.93 18.7
EBITDA Margin (%) 18.7 62
Net Profit (adjusted) 480.99 4.1
***EBITDA margin change is bps


Reco. Price


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Asian Paints Limited (APNT) reported consolidated top-line of Rs4,483.28cr in Q4FY18, up 14.7% yoy. This was ~2% higher to consensus estimates of Rs4,402cr. EBITDA for the quarter came in at Rs839.63cr, up 18.7% yoy and was in-line with consensus estimates. EBITDA margin expanded 62bps yoy to 18.7%. Reported PAT for Q4FY18 was 4% yoy higher at Rs480.99cr. This was lower than consensus estimate of Rs534cr. 

Other Highlights:
  • Volume growth for the decorative paints business in India registered double –digit volume growth in the current quarter with improved demand conditions.
  • Material prices witnessed an upward trajectory which compressed operating margins. The inflation in input costs were partially mitigated by price hikes taken in the quarter.  
  • Robust demand from Auto OEM and general industrial business led to improved performance of the automotive coatings JV. The performance of the industrial coatings JV saw an improvement in the current quarter based on strong growth  registered in the powder coatings segment.
  • The management said that international business was impacted by unfavourable demand conditions, issues around availability of forex in certain key units alongwith rising input price pressures across key markets.

Technical View:

Asian Paints Ltd ended at Rs. 1,214.70, down by 9.4 points or 0.77% from its previous closing of Rs. 1,224.10 on the BSE.
The scrip opened at Rs. 1,234 and touched a high and low of Rs. 1,238.70 and Rs. 1,201.55 respectively. A total of 20,15,414 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.

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