BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Despite sales being significantly affected in May 2021 due to the nationwide lockdown, sales were able to rebound sharply in June 2021, abetted by significant benefits on account of pent up demand.
This led to a significant beat on Asian Paints Ltd.'s sales, Ebitda, and profit after tax versus our expectations, despite materially higher than expected gross and Ebitda margin pressure.
While YoY growth numbers can be misleading due to the sharp sales/Ebitda/profit after tax decline of 43%/58%/67% witnessed in the base quarter, a 9.4% sales growth over Q1 FY20 was impressive given the lockdown during Q1 FY22.
Asian Paints' Ebitda/profit after tax was, however, down ~28%/23% over Q1 FY20 levels because of the ongoing sharp material cost inflation.
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