Asian Paints rises nearly 3% despite brokerages cutting targets after firm's poor fourth-quarter results

Asian Paints Share Price: Asian Paints shares jumped nearly three per cent each on BSE on Friday (May 10, 2024) despite leading brokerages such as Jefferies, CLSA, and Citi cutting share price targets after the company reported poor January-March quarter results a day ago.

After closing at Rs 2,711 in the previous session, the stock of the company jumped by 2.99 per cent to the day's high of Rs 2,792.00 on Friday.

The stock of the firm was trading higher by 2.35 per cent, or Rs 63.65, at Rs 2,774.65 at 12:13 am on Friday. 

Asian paints Q4 YoY results

The company's profit after tax (PAT) was up by just one per cent to Rs 1,275 crore in the quarter under review compared to Rs 1,258 crore Year-on-Year (YoY).

Its revenue from operations slipped by one per cent to Rs 8,731.0 crore in Q4 against Rs 8,787.0 crore YoY.

The company's EBITDA declined by nine per cent to Rs 1,692.0 crore in the fourth quarter compared to Rs 1,864.0 in the same quarter last fiscal.

Volume growth in the company was 10 per cent, above research estimates of 5 per cent-6 per cent.

Brokerages cut target

Jefferies on Asian Paints (CMP: 2710)

The brokerage has maintained an 'underperform' stance on the stock, reducing the target to Rs 2,200 from Rs 2,500.
 

CLSA on Asian Paints (CMP: 2710)

CLSA has maintained a 'sell' call on the stock, reducing the target to Rs 2,337 from Rs 2,410.

CITI on Asian Paints (CMP: 2710)

The brokerage has maintained a 'sell' call on the firm, reducing the target to Rs 2,600 from Rs 2,640.