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Sunday, June 13, 2010

Stock Report - Asian Paints

Stock investment research team of Firstcall India is bullish on Asian Paints and has recommended to buy stocks with a target in its latest stock report.

Results Update (Q4 FY10)
Asian Paints Ltd reported a rise in consolidated net profit for the quarter ended March 2010. During the quarter, the profit of the company increased 90.41% to Rs 1925.80 million from Rs1011.40 million in the same quarter previous year. Net sales for the quarter increased 31.71% to Rs 18767.70 million from Rs 14249.20 million in the same quarter previous year. While the total income for the quarter increased 32.11% to Rs 18975.40 million, when compared with the prior year period. Company posted earnings of Rs 20.08 a share during the quarter, registering 90.41% growth over prior year period.

EPS Growth
The basic EPS of the company stood at Rs.20.08 for the quarter ended Mar 2010 from Rs.10.54 for the quarter ended Mar 2009.

• Asian Paints is India's largest and Asia's third largest paint company today, with a turnover of Rs 44.04 billion (around USD 1.1 billion).

• The company has an enviable reputation in the corporate world for professionalism, fast track growth and building shareholder equity.

• During the quarter company has signed a Memorandum of Understanding (MoU) with the
Maharashtra government to set up an Rs 7.35 billion mega project for manufacturing paints and intermediates.

• During the quarter International operations grew by 20% where Middle East grew by 46% and South East Asia grew by 39%.

• Currently the company is expanding capacity at Rohtak Plant with a Capex of Rs400 crore (excluding cost of land acquisition) which is to be spend over 2-2.5 years.

• Berger International, Singapore (BIL), a subsidiary of Asian Paints (International), which is a wholly owned subsidiary of the company has completed sale of 25,60,694 shares held by BIL in Berger Paints (Thailand), Thailand.

• Company is expanding its capacity in Egypt by setting up a new Greenfield plant.

• The top line and Bottom line of the company are expected to grow at a CAGR of 15% & 35% over 2009 to 2012E.

Buying stocks is recommended in this particular stock report with a target price of Rs 2602 for Medium to Long term investment.

A detailed stock report PDF is available here.

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