Accumulate Asian Paints Now

Accumulate Asian Paints with a target price of Rs 1275 . For 1QFY2009, Asian Paints (APL) posted a robust Topline growth of 29.3% yoy to Rs 1,242 crore (Rs 961 crore) on a consolidated basis, which was significantly ahead of our estimates of 17.8% growth to Rs 1,131 crore. Asian Paint?s consolidated Earnings for the quarter grew 29.6% yoy to Rs 106.2 crore (Rs 81.9 crore) on a reported basis (after Minority Interest) ahead of our estimates of a 17% growth to Rs 96 crore.