Motilal Oswal's research report on Asian Paints
The momentum witnessed in Feb-Mar’22 sustained in 1QFY23, leading to a 10-12% beat in sales/EBITDA/PAT v/s our expectations. EBITDA margin was in line with our forecasts and as expected (highlighted in our channel check note) was supported by ongoing mix improvements, even as commodity cost pressures sustained at higher levels in 1QFY23. The current valuations (~50.9x FY24E P/E) fully capture the upside over the next one-year. We maintain our Neutral rating.
We maintain our Neutral rating with a TP of INR3,170 per share (50x Jun’24E EPS).
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