Asian Paints fell 2.91% to Rs 767 at 15:15 IST on BSE after consolidated net profit rose 18.6% to Rs 341 crore on 6.9% growth in income from operations to Rs 3535 crore in Q4 March 2015 over Q4 March 2014.
The Q4 result was announced during market hours today, 18 May 2015.
Meanwhile, the S&P BSE Sensex was up 378.57 points or 1.39% at 27,702.57.
On BSE, so far 7.54 lakh shares were traded in the counter as against average daily volume of 1.20 lakh shares in the past one quarter.
The stock was volatile. The stock fell as much as 3.26% at the day's low of Rs 764.20 so far during the day. The stock rose as much as 3.54% at the day's high of Rs 818 so far during the day. The stock had hit a record high of Rs 922.80 on 29 January 2015. The stock had hit a 52-week low of Rs 501.30 on 30 May 2014.
The stock had underperformed the market over the past one month till 15 May 2015, sliding 5.82% compared with Sensex's 5.12% fall. The scrip had, however, outperformed the market in past one quarter, declining 4.6% as against Sensex's 6.09% fall.
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The large-cap company has equity capital of Rs 95.92 crore. Face value per share is Rs 1.
K.B.S. Anand, Managing Director & CEO of Asian Paints said that in the decorative business segment in India, the company has registered single digit volume growth in Q4 March 2015 due to poor demand conditions. Profitability improved due to falling raw material prices. The automotive coatings JV (PPGAP) performance was supported by growth in the general industrial category while the lower growth in automobile sales impacted the automotive coatings business. The industrial coatings JV (APPPG) witnessed good growth in Q4 March 2015 particularly in the industrial liquid paints category, Anand said. However, the business conditions for the industrial coatings JV remains challenging given the slow pace of growth in industrial activity, Anand said. International business performed well amidst challenging market conditions in some key markets like Egypt, Anand said.
Anand further said that weak consumer sentiments and slower ramp-up than expectations, impacted demand for the company's kitchens (Sleek) and bath fittings (ESS ESS) businesses in the home improvement business category, Anand said. The company continues to work on streamlining of both the businesses and expanding the network, he added.
Asian Paints' board of directors recommended the payment of final dividend of Rs 4.30 per share for the year ended 31 March 2015 (FY 2015).
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world.
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