Asian Paints has dipped nearly 6% to Rs 524 after its fourth-quarter net profit was in line with analysts' estimates. However, the company's EBITDA margin remained flat at 14.7% on account of higher raw material costs.
The company has reported 14% year on year (yoy) growth in consolidated net profit at Rs 287 crore for the quarter ended March 31 2014 (Q4), on the back of higher sales volumes. Net sales of the company grew by 21% to Rs 3,266 crore on yoy basis.
Analysts, on an average, were expecting consolidated net profit of Rs 291 crore on net sales of Rs 3,119 crore for the quarter.
Healthy double digit volume growth in the domestic decorative business aided the top-line growth. Volume growth was led by healthy demand from tier 1 and tier 2 companies, Angel Broking said in a note.
Meanwhile, the company announced that it had entered into a binding agreement with Ess Ess Bathroom Products Private Limited (Ess Ess) to acquire its entire front-end sales business including brands, network and sales infrastructure. Ess Ess is an established player in the bath and wash business segments in India.
The stock opened at Rs 562 and touched a 52-week high of Rs 563 in early morning deals on the NSE. A combined 1.17 million shares changed hands on the counter so far on the NSE and BSE.
The company has reported 14% year on year (yoy) growth in consolidated net profit at Rs 287 crore for the quarter ended March 31 2014 (Q4), on the back of higher sales volumes. Net sales of the company grew by 21% to Rs 3,266 crore on yoy basis.
Analysts, on an average, were expecting consolidated net profit of Rs 291 crore on net sales of Rs 3,119 crore for the quarter.
Healthy double digit volume growth in the domestic decorative business aided the top-line growth. Volume growth was led by healthy demand from tier 1 and tier 2 companies, Angel Broking said in a note.
Meanwhile, the company announced that it had entered into a binding agreement with Ess Ess Bathroom Products Private Limited (Ess Ess) to acquire its entire front-end sales business including brands, network and sales infrastructure. Ess Ess is an established player in the bath and wash business segments in India.
The stock opened at Rs 562 and touched a 52-week high of Rs 563 in early morning deals on the NSE. A combined 1.17 million shares changed hands on the counter so far on the NSE and BSE.
