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Asian Paints: Impressive margin show - Views on News from Equitymaster
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Asian Paints: Impressive margin show
Oct 19, 2007

Performance summary
  • Revenues grow by 13.5% YoY due to strong growth in both the decorative and industrial business segments, the Middle East and the South Asian region.

  • EBDITA margins expand by an impressive 260 basis points (2.6%) due to the reduction in all costs (as percentage of sales).

  • PAT grows by 37% YoY led by the strong performance at the operating level, lower depreciation charges and considerably higher other income.

  • The board has declared an interim dividend of Rs 6.5 per share (dividend yield of 0.7%).

Consolidated results

(Rs m) 2QFY07 2QFY08 Change 1HFY07 1HFY08 Change
Net sales 9,981 11,332 13.5% 17,754 20,937 17.9%
Expenditure 8,639 9,516 10.2% 15,377 17,767 15.5%
Operating profit (EBIDTA) 1,342 1,816 35.3% 2,377 3,169 33.4%
Operating profit margin (%) 13.4% 16.0%   13.4% 15.1%  
Other income 98 265 170.6% 160 354 121.1%
Interest 50 69 38.4% 90 118 31.3%
Depreciation & amortisation 149 146 -2.2% 292 287.1 -1.5%
Profits from associate company (2) - - (4) -  
Profit before tax 1,239 1,866 50.6% 2,151 3,118 44.9%
Tax 388 597 54.0% 710 1,019 43.5%
Extraordinary items - (71)   - (71)  
Profit after tax 852 1,198 40.6% 1,441 2,027 40.7%
Minority interest 23 63 - 9 77 723.4%
Net income 829 1,135 36.9% 1,432 1,950 36.2%
Net profit margin (%) 8.3% 10.0%   8.1% 9.3%  
No. of shares (m) 95.9 95.9   95.9 95.9  
Diluted earnings per share (Rs)*         34.7  
Price to earnings ratio (x)*         26.9  

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