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Asian Paints: Volumes remain a bright spot but at the cost of margins

Led by volumes, net sales rose 9.4 per cent and Ebitda margin was up 60 bps in Q2; earnings visibility still looks strong, say analysts

Shreepad S Aute 

Volume growth of 14 per cent (analysts estimate) in the decorative paints segment was a bright spot for Asian Paints in the September quarter (Q2), and it was better than growth expectations of 8-12 per cent. However, an unfavourable product mix weighed on margins and profit growth.

While the company’s top line grew by 9.4 per cent year-on-year to Rs 5,051 crore, India’s largest paints maker registered a 13.9 per cent year-on-year rise in profit before tax to Rs 852.3 crore. Analysts, according to Bloomberg, had pegged these two figures at Rs 5,214 crore and Rs 898.7 crore, ...

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First Published: Wed, October 23 2019. 19:14 IST
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