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Q3FY21 Result update - Asian Paints - ICICI Direct

Posted On: 2021-01-22 22:50:15 (Time Zone: Arizona, USA)

Asian Paints reported stellar numbers with one of the best quarterly volume growth and EBITDA margins in Q3FY21. The strong decorative volume growth of 33% YoY in Q3FY21 was led by pent up demand (from metro regions), strong festive demand and market share gains from the unorganized players. Addition to this, new product launches in the waterproofing segment also help drive volume growth during Q3FY21. On the international front (~12% of topline), the businesses across geographies reported a strong performance led by Middle East and Asia regions. The international business revenue grew by 22% YoY to Rs. 700 crore. On the other hand, revenues from Home improvement business (kitchen & bath segment) also grew by 21% YoY to Rs. 154 crore led by 20% and 23% YoY growth in the revenues of kitchen and Bath business. Further, the EBITDA margin was up by ~440 bps YoY, led by benign input prices and company's continuous efforts to rationalise other operating costs. We revise our revenue, earnings estimates upside by 3%, 11% for FY22E and by 5%, 10.5% for FY23E respectively. We model revenue, PAT CAGR of ~14% and 17% in FY20-23E led by volume CAGR of 13%.

Valuation & Outlook

We model revenue, earning CAGR of 14%, 17% in FY20-23E supported by strong volume growth and elevated margin profile. While we stay positive on the fundamentals of the company, we believe at current valuations most of the positives seem to be factored in the price, hence we revise our rating from Buy to Hold with target price of Rs. 3010/share.

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Shares of ASIAN PAINTS LTD. was last trading in BSE at Rs.2600 as compared to the previous close of Rs. 2714.65. The total number of shares traded during the day was 177232 in over 14737 trades.

The stock hit an intraday high of Rs. 2770 and intraday low of 2590.5. The net turnover during the day was Rs. 473509328.

Source: Equity Bulls

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