Asian Paints surpassed analysts estimates by reporting consolidated net profit of Rs 476.61 crore in the third quarter ended December 31, 2016. 

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The company reported net profit of Rs 476.61 crore, a rise of 1.27% from Rs 470.61 crore in the corresponding period of the previous year. 

However, net profit sequentially declined by 0.91% from Rs 480.99 crore. 

A Bloomberg poll estimated Asian Paints to report net profit of Rs 473 crore in Q3FY17. 

Consolidated total income from operations stood at Rs 4,353.99 crore, increasing by 2.56% year-on-year (yoy) and 2.87% quarter-on-quarter (qoq). 

K.B.S  Anand, Managing Director & CEO of Asian Paints said, "The decorative business segment in India registered low single-digit growth in the quarter with demand impacted to a certain extent on the back of demonetisation. Automotive coatings JV (PPG-AP) witnessed good demand conditions in the Auto OEM segment and the industrial coatings JV (AP-PPG) business saw good growth in Industrial liquid paints and powder coating segments."

Consolidated operating profit (EBITDA) stood at Rs 776.33 crore, down by 1.2% from Rs 785.49 crore a year ago same period.

Anand added, "International business reported good numbers specifically aided by contribution from good pick-up in demand in Nepal, Fiji and certain units in Middle East."

Shares of Asian Paints closed at Rs 964.25 per share on BSE, down by 0.16%.