External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

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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><p><em>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.</em></p>

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