Asian Paints Q3 Review - Strong Tailwinds But ‘Add On Declines Only’: Prabhudas Lilladher
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Prabhudas Lilladher Report
We are increasing FY22 and F23 earning per share by 10.9% and 7.6% and remain constructive about Asian Paints Ltd. on the back of robust growth outlook driven by -
1. Increase in domestic decorative volume by 33%
2. Revival in consumer sentiment and pickup in housing construction activity
3. improved mix in tier I, II cities and
4. pick up in International, auto and industrial coating business.
We believe Q4-21 and Q1-22 should report strong volumes due to very poor base and strong market share gains, although incremental margin expansion looks unlikely due to higher input costs.
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