Latest News | Asian Paints Shares Decline over 3 Pc After Earnings

New Delhi, Jan 19 (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 Rs 2,868.05 apiece on the BSE. During the day, it declined 3.15 per cent to Rs 2,853.

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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 Rs 2,853.40 per share.

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On Thursday, Asian Paints Ltd reported a 6.4 per cent rise in consolidated net profit at Rs 1,097.06 crore in the third quarter ended December 2022.

The company had posted a consolidated net profit of Rs 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 Rs 8,636.74 crore as against Rs 8,527.24 crore in the year-ago quarter, it added.

Total expenses in the third quarter were at Rs 7,280.75 crore as compared to Rs 7,220.29 crore in the same period a year ago, the company said.

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