Street remains bullish on Asian Paints’ growth outlook
Brokerages have retained their bullish view on Asian Paints following its December quarter result, which saw the company surprising the Street on the volume growth front which grew in double digits. Target prices have been revised up by 7-34 per cent, with many brokerages rolling forward valuations.
Asian Paints on Tuesday posted a 14.6 per cent increase in consolidated profit from the year ago level at Rs 635.6 crore. Consolidated revenue increased 24 per cent to Rs 5,293.99 crore.
Shares of Asian Paints ended down 0.7 per cent at Rs 1,397.10 after gaining as much as 1.7 per cent intraday. The stock has gained 22.7 per cent in the last three months.
Macquarie, which revised up target price the most among brokerages, also upgraded the stock to ‘outperform’ from ‘neutral’.