Asian paints - First Cut
Rajesh Desai
Dear Sir/Madam,
Asian Paints announced its Q3 FY13 results on 21 Jan 2013. The company’s Net Sales increased by 19% YOY to INR3053 crore and EBITDA increased by 28% YOY to INR510 crore . EBITDA Margin of the company increased from 15.5% to 16.7% YOY. PAT of the company increased by 31% YOY to INR335 crore. At the CMP of INR4400, the stock discounts its FY13E EPS of INR124 by 35.4x. We maintain Hold at the current level.
DESCRIPTION |
Dec-12 |
Sep-12 |
Dec-11 |
QOQ |
YOY |
|
Net Sales |
3053 |
2636 |
2561 |
16% |
19% |
Total Expenditure | 2542 |
2255 |
2163 |
|
|
|
PBIDT (Excl OI) |
510 |
382 |
397 |
34% |
28% |
EBITDA (%) | 16.7% |
14.5% |
15.5% |
|
|
|
Other Income |
31 |
22 |
23 |
|
|
|
Operating Profit |
541 |
403 |
420 |
|
|
|
Interest |
8 |
12 |
9 |
|
|
|
PBDT |
533 |
391 |
411 |
|
|
|
Depreciation |
37 |
36 |
31 |
|
|
|
PBT |
497 |
356 |
380 |
|
|
|
Tax |
147 |
104 |
114 |
|
|
|
Profit After Tax |
350 |
251 |
266 |
|
|
|
Minority Interest |
-15 |
-12 |
-10 |
|
|
|
Consolidated Net Profit |
335 |
239 |
257 |
40% |
31% |
PAT (%) | 11.0% |
9.1% |
10.0% |
|
|
|
Equity Capital |
95.92 |
95.9 |
95.9 |
|
|
|
Face Value (In Rs) |
10 |
10.0 |
10.0 |
|
|
|
No. of shares |
9.592 |
9.6 |
9.6 |
|
|
|
|
|
|
|
|
|
|
EPS |
34.95 |
24.93 |
26.78 |
40% |
31% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai