Shares of Indigo Paints rose more than 2 per cent in afternoon trade on Monday (February 12) on the BSE. The stock drew buying interest after the company posted good Q3 results on Friday.

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At around 12:47 p.m., shares of Indigo Paints traded 2.24 per cent, or Rs 31.85, higher at Rs 1451.25 apiece. Meanwhile, its market capitalisation stood at Rs 6,911 crore at around the same time.

On Friday, during market hours, the company reported a 42.98 per cent increase in net profit year-on-year (YoY) at Rs 37.55 crore against Rs 26.26 crore logged in the year-ago period.

Meanwhile, its total income increased by 25.2 per cent to Rs 356.83 crore for the quarter under review, up from Rs 285.04 crore a year ago. The earnings before interest, tax, depreciation, and amortisation (EBITDA) for the third quarter stood at Rs 62.24 crore against Rs 40.56 crore registered in the corresponding quarter of the previous fiscal, which implies a rise of 53.46 per cent year-on-year (YoY).

Management commentary 

Waterproofing and construction chemicals are expected to have good sales traction in the following quarters.

"On the B2B front, during the past three quarters, Apple Chemie has been steadily investing in salesforce expansion and has established a presence in 7-8 more states. The investment has started yielding results, and sales have started flowing in from new states as well. We expect good sales from the company in the seasonally strong fourth quarter," the filing read.

Further, the new water-based paint plant at Jodhpur is expected to commence operations by the end of FY25.

Indigo Paints share price: Past performance 

In a year, shares of Indigo Paints have gained over 29 per cent against the Nifty50's rise of over 22 per cent.

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