asian paints (Emkay) Ebidta Margins Impacted, Maintain ACCUMULATE

Q4FY11 performance is below expectation, led by higher then expected decline in Ebidta margins; Implemented another price increase of 4% in May 2011 & 2% in June 2011, to offset rising input costs; Re-iterating - Ebidta margins would trail cost inflation in ensuing quarters, hence price increase would not flow to Ebidta on immediate effect
Date Rating Target Price Recommendation Price Broker house
11 May 2011 accumulate 2923 2697 Emkay Report

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