Asian Paints is trading lower by 3% at Rs 475 after reporting 1.8% year-on-year (yoy) decline in consolidated net profit at Rs 329 crore for the third quarter ended December 31, 2013 (Q3), due to higher raw material cost and other expenses.
Net sales however, grew by 12.5% at Rs 3,413 crore on yoy basis. The company’s operating profit margin fell by 170bp to 14.6% over the previous year quarter.
Analysts on an average had expected net sales of Rs 3,500 crore and profit of Rs 376 crore for the quarter.
Industrial paints and automotive coatings continue to be impacted by slow-down in the economy. The company’s Middle East and Asia businesses continued to perform well, Asian Paints said in a statement.
The stock opened at Rs 478 and touched a low of Rs 473 on the NSE. A combined 511,000 shares have changed hands on the counter so far on the NSE and BSE.
Net sales however, grew by 12.5% at Rs 3,413 crore on yoy basis. The company’s operating profit margin fell by 170bp to 14.6% over the previous year quarter.
Analysts on an average had expected net sales of Rs 3,500 crore and profit of Rs 376 crore for the quarter.
Industrial paints and automotive coatings continue to be impacted by slow-down in the economy. The company’s Middle East and Asia businesses continued to perform well, Asian Paints said in a statement.
The stock opened at Rs 478 and touched a low of Rs 473 on the NSE. A combined 511,000 shares have changed hands on the counter so far on the NSE and BSE.