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Brokerages cheer Asian Paints volume growth

Despite the second wave, Asian Paints has beat analyst expectations on volume growth through and through. Brokerages cheer the sheer resilience displayed by Asian Paints on the topline. While margins are lower, many term the high costs as transient. However, given valuations, the stance is mixed. CS ON ASIAN PAINTS Maintain Outperform , Target 3480/share Very strong volumes despite COVID second wave Gross margins hit likely transient Cut FY22 EPS estimate by ~8%, but increase FY23E EPS by ~2% Increase target multiple to 72x in line with average MOTILAL OSWAL ON ASIAN PAINTS Maintain a neutral rating, target `3070/share Co has shown remarkable resilience, with sales rebounding sharply after tough periods Valuations at 69.5x FY23E EPS prevent us from turning constructive on the stock

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