(PTI) Shares of Asian Paints declined over 3 per cent on Thursday after the company's December quarter earnings failed to cheer investors.
The stock fell 2.64 per cent to ₹2,868.05 apiece on the BSE. During the day, it declined 3.15 per cent to ₹2,853.
It was the biggest laggard among the 30-share BSE Sensex pack of firms.
On the NSE, it went lower by 3.11 per cent at ₹2,853.40 per share.
On Thursday, Asian Paints Ltd reported a 6.4 per cent rise in consolidated net profit at ₹1,097.06 crore in the third quarter ended December 2022.
The company had posted a consolidated net profit of ₹1,031.29 crore in the same period last fiscal, it said in a regulatory filing.
"Asian Paint's performance was miss on estimates with revenue and PAT growing by 1.3 per cent and 7 per cent, respectively with sales volume in decorative paints business remaining almost flat," Kaustubh Pawaskar, Analyst at Sharekhan by BNP Paribas, said.
Consolidated revenue from operations stood at ₹8,636.74 crore as against ₹8,527.24 crore in the year-ago quarter, it added.
Total expenses in the third quarter were at ₹7,280.75 crore as compared to ₹7,220.29 crore in the same period a year ago, the company said.
