Asian Paints: Topline disappoints - Views on News from Equitymaster

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Asian Paints: Topline disappoints

Jan 28, 2004

Asian Paints, the largest paint company in India, has declared lackluster results for 3QFY04. The company has reported just above 1% increase in the topline while the bottomline has gone down by around 5% YoY. Both operating and net profit margins during the quarter were under pressure. However, nine-month picture looks relatively better.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 4,445 4,503 1.3% 12,151 13,234 8.9%
Other income 45 44 -2.7% 108 142 31.1%
Expenditure 3,673 3,769 2.6% 10,035 11,159 11.2%
Operating profit (EBDITA) 771 734 -4.8% 2,115 2,075 -1.9%
Operating profit margin (%) 17.4% 16.3%   17.4% 15.7%  
Interest 19 13 -29.4% 68 42 -37.4%
Depreciation 110 117 6.2% 339 349 2.8%
Profit before tax 688 648 -5.8% 1,817 1,826 0.5%
Extraordinary items - 0 - - 2 -
Tax 251 233 -7.2% 679 656 -3.4%
Profit after tax/(loss) 437 415 -4.9% 1,138 1,172 3.0%
Net profit margin (%) 9.8% 9.2%   9.4% 8.9%  
No. of shares (m) 64.2 64.2   64.2 64.2  
Diluted earnings per share (Rs)* 27.2 25.9   23.6 24.3  
P/E ratio (x)         14.4  
(* annualised)            

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