Asian Paints share price continued to make gains for the eighth straight session as the company reported its earnings for the March quarter.

What Happened: The company saw consolidated net sales grow by 10.9% to ₹8,750.8 crore in the quarter ended March as against ₹7,889.9 crore in the corresponding quarter last year. The company’s revenue from operations grew 11.34% to ₹8787.34 crore.

The company’s net profits for the review period surged 45% year-over-year and 15% sequentially to ₹1,234.14 crore beating street estimates. The company also declared a ₹21.25/share final dividend for the year ended March 2023. The company has declared a total of ₹25 .65 dividend in FY23 (April 2022- March 2023) including a ₹4.40/share interim dividend it announced in October 2022.

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Analysts, however, were not too impressed by the strong numbers. Jefferies maintained its ‘underperform’ rating for the stock with a price target of ₹2,500. The firm said that increasing competition in the sector is a matter of concern.

Morgan Stanley also maintained its ‘underweight’ rating with a price target of ₹2,546. Domestic brokerage firm ICICI Direct maintained its ‘hold’ rating for the stock with a price target of ₹3,425. The firm said that at the current valuation upside in the stock is capped.

Price Action: Asian Paints share price was up 0.62% to trade at ₹3,159.20 in the early hours of trading on Friday.

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