Centrum Broking: Asian Paints - On The Journey Of Making Home Beautiful
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Centrum Broking Report
As Asian Paints Ltd.’s Q2 FY21 print surpass our expectations; consolidated revenue/ Ebitda/ profit after tax grew 5.9%/32.5%/1.0% driven by robust volume growth at 11%.
Management stated strong recovery across segments and improving demand conditions in tier2/3/4 towns.
Gross margin expanded 165 basis points driven by benign input costs, healthy product mix and continued work on driving sourcing/ formulation efficiency.
Whilst Ebitda grew 32.5% reporting Ebitda margin at 23.6% (after 30 qtrs.).
We reckon return of normalcy in metros and festive season ahead coupled with rural thrust, could result in continued growth ahead.
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