Asian Paints Surges Despite Brokerage Target Cuts Post Fourth Quarter Results
Asian Paints’ shares saw a nearly three percent increase on Friday, May 10, 2024, on the BSE, just a day after brokerage companies like Jefferies, CLSA, and Citi lowered their target prices due to the company’s unsatisfactory January-March quarter performance.
The company’s shares shot up 2.99 percent on Friday to reach a day’s high of Rs 2,792.00, after closing at Rs 2,711 in the previous session.
At 12:13 PM on Friday, the company’s shares were up 2.35 percent, or Rs 63.65, at Rs 2,774.65.
Concerning the Q4 annual performance of Asian Paints:
– The company’s profit after tax (PAT) increased to Rs 1,275 crore for the reviewed quarter from Rs 1,258 crore, a mere 1% YoY increase.
– Compared to Rs 8,787.0 crore annually, the company’s operating revenue decreased by 1% to Rs 8,731.0 crore in the fourth quarter.
– Compared to Rs 1,864.0 crore in the same quarter of the previous fiscal year, the company’s EBITDA for the fourth quarter decreased by 9% to Rs 1,692.0 crore.
