Asian Paints has reported a dip of 22.87 per cent in its net profit at Rs 196.16 crore for the quarter ended September compared with Rs 254.32 crore in the previous corresponding quarter.
The company's net sales during the period rose to Rs 1,469.49 crore against Rs 1,386.46 crore in the same quarter last year, up 6 per cent.
"The prolonged monsoon experienced in most parts of the country affected paint demand in the second quarter. We expect demand conditions to improve going forward, although the continued upward trend witnessed in raw material prices remain an area of concern," said P M Murthy, managing director & CEO of Asian Paints.
He further added that some of the company's subsidiaries abroad continued to face uncertain and challenging market conditions especially in the Caribbean and in the West-Asian markets.
The basis earning per share stood at Rs 20.45 against Rs 20.95 last year.
On the National Stock Exchange, shares of the company closed weak on Wednesday at Rs 2,514, down 3.01 per cent.