scorecardresearchAsian Paints shares decline over 3% as Q3 results fail to cheer investors

Asian Paints shares decline over 3% as Q3 results fail to cheer investors

Updated: 19 Jan 2023, 06:47 PM IST
TL;DR.
  • 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.
Asian Paints Ltd reported a 6.4 per cent rise in consolidated net profit at  <span class='webrupee'>₹</span>1,097.06 crore in the third quarter ended December 2022.

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.

(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.

 

Article
Picking the right stocks is the most important part of becoming a successful investor
First Published: 19 Jan 2023, 06:47 PM IST