Asian Paints Q3 Results: Profit growth of 6%, improved margin fail to excite Street
Asian Paints Q3 Results: Indias largest paint maker by sales as well as market value reported a net profit of Rs 1,072.7 crore and revenue of Rs 8,607.5 crore -- both missing analysts estimates. Asian Paints shares succumbed to selling pressure after the earnings announcement, as both topline and bottomline fell short of analysts estimates.
Asian Paints — India's largest paint company by sales as well as market value — on Thursday reported a net profit of Rs 1,072.7 crore for the October-December period, marking an increase of 5.6 per cent compared with the corresponding period a year ago. Revenue at the Mumbai-based paint maker increased 1.7 per cent on a year-on-year basis to Rs 8,607.5 crore, according to a regulatory filing.
Both topline and bottomline fell short of analysts' estimates.
According to Zee Business research, Asian Paints' quarterly net profit was estimated at Rs 1,130 crore — which would mean a 10 per cent year-on-year jump — and revenue at Rs 9,297 crore.
Asian Paints shares slipped into the red after the earnings announcement, finishing weaker by Rs 77.8 or 2.6 per cent for the day at Rs 2,868.1 apiece on BSE.
highlights of the January 19 session on Dalal Street here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.