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Dolat Capital Report
Asian Paints Ltd.’s Q1 FY23 results were significantly ahead of our estimates. Decorative paints business reported ~37% volume growth on an unfavorable base of 106% - was beyond our estimate.
Despite steep raw material inflation gross margin contracted by mere 70 basis points – was encouraging. Asian Paints maintained robust volume growth despite 20% plus price pass on indicates inherent strength in the brand.
Domestic business posted 59% YoY net sales growth with three-year compound annual growth rate of 20% - is encouraging considering increased competition from new entrants, general slowdown and down trading in rural economy. Subsidiary business (including international business) ) posted ~28% growth during Q1 despite challenging working conditions.
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