Monday, 23 July 2018

Asian Paints Q1FY19E Result Expectation

Consensus expectations for Q1FY19E:
  • Revenue - Rs4,427.9cr, up 16.1% yoy, down 1.2% qoq. Decorative volume growth in the range of 14-15% and price hikes taken in March 2018 and May 2018 will aid top-line growth. 
  • EBITDA - Rs824.1cr, up 23.9% yoy, down 1.9% qoq.
  • EBITDA margin -18.6%, expansion of 117bps yoy, contraction of 12.1bps qoq. Price hikes (cumulatively ~3%) taken at two different intervals in March 2018 and May 2018 will offset inflation in input prices and aid margin expansion.
  • PAT - Rs521cr, up 18.9% yoy, down 10.5% qoq. Higher sales growth and robust EBITDA margin expansion will lead to 18.9% yoy bottom-line growth.
Highlights for Q4FY18:
  • Revenue - Rs4,483.28cr, up 14.7% yoy, up 5.2% qoq. Healthy decorative volume growth of 10-11%, and price hike taken in March 2018 aided top-line growth.
  • EBITDA - Rs839.63cr, up 18.6% yoy, 5.8% qoq.
  • EBITDA margin - 18.7%, expansion of 62bps yoy, contraction of 219bps qoq. Material prices witnessed an upward trajectory, which compressed operating margins. The inflation in input costs were partially mitigated by price hikes taken in the quarter. 
  • PAT - Rs480.69cr, up 4.9% yoy, down 13.3% qoq.  

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