ASIANPAINT · Consumer Durables
Asian Paints Ltd. reported revenue of ₹8,028 cr for July to September 2024, −5.3% on the year and −10.5% on the quarter.
Operating profit (EBITDA) was ₹1,240 cr, a margin of 15.4%, −479 bps on the year and −344 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 15.4% to 23.1%). Operating costs grew +0.4%, faster than revenue at −5.3%, so operating profit grew less than sales.
Net profit was ₹694 cr, −43.7% on the year and −41.5% on the quarter, with earnings per share of ₹7.24. Profit before other income, one-offs and tax grew faster, at −35.9%; other income, one-offs or tax held the headline back. The tax rate of 28% is in line with its recent average.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹47.63 over the last four quarters, the stock at ₹2,338.00 trades at 49.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 15.4%, −479 bps on the year (−344 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹8,479 cr | ₹9,103 cr | ₹8,731 cr | ₹8,970 cr | ₹8,028 cr | ₹8,549 cr | ₹8,359 cr | ₹8,939 cr | ₹8,531 cr | ₹8,867 cr | ₹9,247 cr | ₹10,542 cr |
| YoY | — | — | — | −2% | −5% | −6% | −4% | −0% | +6% | +4% | +11% | +18% |
| EBITDA margin | 20.2% | 22.6% | 19.4% | 18.9% | 15.4% | 19.1% | 17.2% | 18.2% | 17.6% | 20.1% | 19.3% | 20.6% |
| Other income, % of PBT | 12% | 9% | 13% | 12% | 3% | 13% | −6% | 15% | 17% | 5% | 12% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 21% | 26% | 28% | 26% | 31% | 26% | 27% | 28% | 27% | 26% |
| Net profit | ₹1,232 cr | ₹1,475 cr | ₹1,275 cr | ₹1,187 cr | ₹694 cr | ₹1,128 cr | ₹701 cr | ₹1,117 cr | ₹1,018 cr | ₹1,074 cr | ₹1,185 cr | ₹1,559 cr |
| YoY | — | — | — | −25% | −44% | −24% | −45% | −6% | +47% | −5% | +69% | +40% |
| Core profit YoY | — | — | — | −25% | −36% | −26% | −23% | −9% | +24% | +7% | +31% | +42% |
| EPS | ₹12.57 | ₹15.09 | ₹13.10 | ₹12.20 | ₹7.24 | ₹11.58 | ₹7.22 | ₹11.47 | ₹10.36 | ₹11.05 | ₹12.22 | ₹16.05 |
| Flags | · | · | · | 1 | 1 | 1 | ✓ | ✓ | 1 | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Asian Paints Ltd. reported revenue of ₹8,028 cr (−5.3% on the year) and net profit of ₹694 cr (−43.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −35.9% on the year, against −43.7% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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