1 percent on yearly basis, aided by lower raw

First quarter (April June) earnings beat analysts’ expectations on Wednesday with consolidated profit growing 18.7 percent year on year to Rs 553 crore while revenue grew by 10.2 percent to Rs 4,082 crore, aided by volume growth.Operating profit climbed 20.9 percent to Rs 820 crore and margin expanded by 180 basis points to 20.1 percent on yearly basis, aided by lower raw material prices despite higher promotional spends.Brokerage houses are mixed on the counter as overall they waited for monsoon and 7th pay commission to reflect in earnings, though the company maintained double digit volume growth when every single consumer goods firm is grappling with slowdown issues.With retaining neutral rating as valuations remain stretched and raising target price to Rs 960 (from Rs 880 earlier), Credit Suisse increased its 2018 earnings by around 4 percent, given the clear commentary of improving volume trends and benign input costs but says the reason for pick up in volume is not clear as monsoon and pay commission are yet to play out.”What is surprising is that Asian Paints is seeing such strong volume growth despite the overall weakness in rural demand for other consumer companies and two back to back failures in the monsoons. Triggers such as good monsoons in FY17 and the pay commission impact in urban home improvements are yet to play out, and even before that demand trends have picked up to strong levels,” it explains.The brokerage believes the strong volume traction will provide downside support to the stock. Asian Paints is going ahead with Rs 600 crore capex in FY17 to keep up with the high volume growth.CLSA has retained high conviction sell on the stock, though it likes company’s growth story and raised target price to Rs 925 from Rs 900.GST implementation would be a key positive catalyst in the near term, as it should reduce the tax outgo and aid conversion from the unorganised sector, the brokerage said.Nomura feels the stock is expensive at 41.3x FY18 P/E.

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buy canada goose jacket Subject: Outcome of Board Meeting pursuant to Regulation 30 and 33 of SEBI (Listing Obligation Disclosure Requirements) Regulation, 2015 Dear Sir / Madam, Pursuant to Regulation 30 and 33 of SEBI (Listing Obligation Disclosure Requirements) Regulation, 2015, and further to our intimation dated 22.06.2020, this is to inform you that meeting of the Board of Directors of the Company was held today at the registered office. The Board considered and approved the following: 1) Audited Financial Results, Statement of Assets and Liabilities and Cash Flow Statement for the year ended on 31 st March, 2020 pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure requirements) Regulation, 2015. Please find attached the Audited Financial Results for the quarter and year ended 31st March,2020 along with the Audit Report from the Auditors of the Company.. buy canada goose jacket

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