External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Asian Paints Q1FY24 results were strong on all fronts, especially margins. Consolidated sales grew 7% YoY to Rs 9,182 Cr (marginally lower).</li><li>Volume grew 10% YoY (on a high base of 37% in Q1FY23), led by the economy, premium and waterproofing range, while the luxury segment saw muted performance.</li><li>Gross/EBITDA margins improved by 523/502bps YoY (up44/188bps QoQ) to 42.9%/23.1%, driven by deflation in key raw material prices (2% material deflation in Q1FY24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints Q1FY24 results were strong on all fronts, especially margins. Consolidated sales grew 7% YoY to Rs 9,182 Cr (marginally lower).Volume grew 10% YoY (on a high base of 37% in Q1FY23), led by the economy, premium and waterproofing range, while the luxury segment saw muted performance.Gross/EBITDA margins improved by 523/502bps YoY (up44/188bps QoQ) to 42.9%/23.1%, driven by deflation in key raw material prices (2% material deflation in Q1FY24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints - Limited Upside Potential; Downgrade to HOLD

<ul><li>Asian Paints Q4FY23 print was strong across all fronts, especially on the margins. Its consolidated revenue grew 11% YoY to Rs 8,787 Cr.</li><li>Volume grew by 16% YoY (~14% for FY23), led by the economy and waterproofing range, premium and luxury (grew double- digit) recovered after two-quarters of subdued performance.</li><li>Gross/EBITDA margins improved 380/293bps YoY (up 393/256 bps QoQ) to 42.5%/21.2% owing to deflation in key raw material prices (-4% material deflation in Q4FY23).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints Q4FY23 print was strong across all fronts, especially on the margins. Its consolidated revenue grew 11% YoY to Rs 8,787 Cr.Volume grew by 16% YoY (~14% for FY23), led by the economy and waterproofing range, premium and luxury (grew double- digit) recovered after two-quarters of subdued performance.Gross/EBITDA margins improved 380/293bps YoY (up 393/256 bps QoQ) to 42.5%/21.2% owing to deflation in key raw material prices (-4% material deflation in Q4FY23).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints - Robust Operating Performance; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Asian Paints (APNT) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.</li><li>Consequently, EBITDA/ PBT/PAT missed our estimates by 10-11%.</li><li>Management indicated that after a weak Oct’22, partly caused by high base, demand recovered YoY in Nov’22 before reaching double-digit sales growth in Dec’22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints (APNT) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.Consequently, EBITDA/ PBT/PAT missed our estimates by 10-11%.Management indicated that after a weak Oct’22, partly caused by high base, demand recovered YoY in Nov’22 before reaching double-digit sales growth in Dec’22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints (APNT) - Muted Sales Growth Leads to Earning Miss

<ul><li>Revenue growth was subdued at ~1% YoY (flat volume growth) on a high volume base, extended monsoon, and shorter Diwali season.</li><li>Sales were muted across geographies and markets. Gross margins surprised at 38.6%, up 182bps YoY on account of overall deflation in key raw material prices.</li><li>The management expects further fall in raw material inflation and margins to improve in the coming quarters.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue growth was subdued at ~1% YoY (flat volume growth) on a high volume base, extended monsoon, and shorter Diwali season.Sales were muted across geographies and markets. Gross margins surprised at 38.6%, up 182bps YoY on account of overall deflation in key raw material prices.The management expects further fall in raw material inflation and margins to improve in the coming quarters.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints - Short Term Blip; Maintain BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Asian Paints (APL) is India’s largest decorative paint company.</li><li>The company derives ~98% revenue from the paints business while 2% business comes from the home improvement business (kitchen and bathroom fittings).</li><li>Strong distribution network of 70,000 dealers, 2x more than the No. 2 player </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints (APL) is India’s largest decorative paint company.The company derives ~98% revenue from the paints business while 2% business comes from the home improvement business (kitchen and bathroom fittings).Strong distribution network of 70,000 dealers, 2x more than the No. 2 player Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints (APL) - Raw Material Costs Weigh on Margins…

India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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