Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					639
Target					690
Reco					BUY
Net Sales	76,910	95,983	109,065	125,816	147,204
Growth (%)		25	14	15	17
EBIDTA	13,279	15,088	17,319	19,979	24,587
EBITDA Margin		16	16	16	17
Net Profit	8,426	9,888	11,139	12,267	14,977
Growth (%)		17	13	10	22
EPS, Rs	88	103	12	13	16
PER, x	7.3	6.2	55.0	50.0	40.9
EV/EBIDTA, x	46	41	35	30	25
P/BV, x	3	2	18	15	12
ROE, %	39	36	33	30	30
Total debt/Equity (%)	5.7	5.5	-12.4	-15.2	-11.3

Latest Reports
Date	Description	Country	Analyst	Download

26-Oct-2023	Asian Paints (APNT IN) 2QFY24 Result Update: The calm before the storm ; Maintain NEUTRAL with TP of Rs. 3,000/-	India	Vishal Gutka
11-May-2023	Asian Paints (APNT IN) 4QFY23 Result Update: Make the hay while the sun shines ; Downgrade to NEUTRAL with Revised TP of Rs. 3,200/	India	Vishal Gutka
19-Jan-2023	Asian Paints (APNT IN) 3QFY23: Quarterly Update - Targeting double digit volume growth in FY24 ; Maintain BUY with Revised TP of Rs. 3,200/-	India	Vishal Gutka
20-Oct-2022	Asian Paints (APNT IN) 2QFY23: Quarterly Update -Extended monsoon, inferior product mix spoils the party; Maintain BUY with TP of Rs. 3,500	India	Vishal Gutka
26-Jul-2022	Asian Paints (APNT IN) 1QFY23 Result Update: Juggernaut on a roll ; Maintain BUY with Revised TP of Rs. 3,600	India	Vishal Gutka
24-Jun-2022	Asian Paints (APNT IN) Company Update: One more strong quarter for the market leader ; Maintain BUY with TP of Rs. 3200/-	India	Vishal Gutka
10-May-2022	Asian Paints (APNT IN) 4QFY22 Result Update: Canvassing volume led growth ahead; Maintain BUY with Revised TP of Rs. 3,500	India	Vishal Gutka
15-Mar-2022	Asian Paints (APNT IN): Company Update - Sergey Bubka of paints to achieve newer heights ; Maintain BUY with Revised TP of Rs. 3,675	India	Vishal Gutka
20-Jan-2022	Asian Paints (APNT IN): 3QFY22 - Operating profitability to improve on sequential basis ; Maintain BUY with TP of Rs. 3,85	India	Vishal Gutka
22-Dec-2021	Asian Paints (APNT IN) - Company Update: We see a bumper 3Q ; Maintain BUY with TP of Rs. 3,650	India	Vishal Gutka
21-Oct-2021	Asian Paints : 2QFY22 (Phillip Capital India) - RM pressure weighs on profitability; Maintain BUY with TP of Rs. 3,400	India	Vishal Gutka
20-Jul-2021	Asian Paints 1QFY22: Behemoth further strengthens its hold on market , Maintain BUY	India	Vishal Gutka
12-May-2021	Asian Paints 4QFY21: Sergey Bubka of paints setting new records! , Upgrade to BUY	India	Vishal Gutka
21-Jan-2021	Asian Paints Q3FY21: Comeback with a bang , Maintain Neutral	India	Vishal Gutka
22-Oct-2020	Asian Paints Q2FY21: Strong and solid show, Upgrade to Neutral	India	Vishal Gutka
24-Jul-2020	Asian Paints Q1FY21: Resilient performance in a challenging environment, Maintain SELL	India	Vishal Gutka
23-Jun-2020	Asian Paints Q4FY20: Risk Reward unfavourable for this compounding machine, Maintain SELL	India	Vishal Gutka
13-Jun-2020	Asian Paints: Company Update - Changing colours - Downgrade to SELL	India	Vishal Gutka
23-Oct-2019	Asian Paints Q2FY20 Result Update: Volume growth at cost of margins- Maintain BUY	India	Vishal Gutka
21-Aug-2019	Asian Paints: Company Update - The Sergey Bubka of paints - Maintain BUY	India	Vishal Gutka
24-Jul-2019	Asian Paints Q1FY20 Result Update: Juggernaut on a roll- Maintain BUY	India	Vishal Gutka
22-Jan-2019	Asian Paints Q3FY19 Result Update: Canvassing a beautiful picture- Maintain BUY	India	Vishal Gutka
23-Oct-2018	Asian Paints Q2FY19 Result Update: Not a colorful performance - Maintain BUY	India	Vishal Gutka
24-Jul-2018	Asian Paints Q1FY19: Solid operating performance, Maintain BUY	India	Vishal Gutka
12-May-2017	Asian Paints Q4FY17: Volume growth back to pre-demonetisation levels; Maintain Neutral	India	Jubil Jain