Asian Paints dropped 3.55% to Rs 878 at 13:50 IST on BSE on profit booking after reporting decent Q3 results.
The company announced Q3 results during market hours today, 29 January 2015.
Meanwhile, the S&P BSE Sensex was down 95.63 points or 0.32% at 29,463.55.
On BSE, so far 4.6 lakh shares were traded in the counter as against average daily volume of 1.62 lakh shares in the past one quarter.
The stock hit a high of Rs 922.80, also a record high for the stock. The stock hit a low of Rs 868.10 so far during the day. The stock had hit a 52-week low of Rs 461 on 20 February 2014.
The stock had risen 5.61% in two trading sessions, from a recent low of Rs 861.90 on 23 January 2015.
The stock had outperformed the market over the past one month till 28 January 2015, gaining 25.26% compared with Sensex's 8.51% rise. The scrip had also outperformed the market in past one quarter, gaining 40.86% as against Sensex's 9.96% rise.
The large-cap paint manufacturer has equity capital of Rs 95.92 crore. Face value per share is Re 1.
Asian Paints' net profit rose 14.83% to Rs 353.07 crore on 6.4% rise in total income to Rs 3062.17 crore in Q3 December 2014 over Q3 December 2013. Income from operations increased by 6.4% to Rs 3025.4 crore in Q3 December 2014 over Q3 December 2013. The profit before depreciation, interest and tax (PBDIT) increased by 13.1% to Rs 540.4 crore in Q3 December 2014 over Q3 December 2013.
Asian Paints' consolidated net profit rose 11.78% to Rs 368.18 crore on 5.49% fall in total income to Rs 3481.99 crore in Q3 December 2014 over Q3 December 2013. Income from operations rose 5.85% to Rs 3652.60 crore in Q3 December 2014 over Q3 December 2013. The PBDIT for the group increased by 8.6% to Rs 583.5 crore in Q3 December 2014 over Q3 December 2013. Profit before tax (PBT) increased by 9% to Rs 538.4 crore in Q3 December 2014 over Q3 December 2013.
K.B.S. Anand, Managing Director & CEO, Asian Paints Limited said: We registered single digit volume growth in the decorative paint segment in India due to sluggish demand conditions. Growth in the current quarter was also impacted due to the early festival season as compared to the previous year. The Automotive coatings JV (PPG-AP), witnessed good growth in the General Industrial and Auto Refinish business segment. However, the Auto OEM business was impacted by subdued consumer demand. The growth in the Industrial Coatings JV (AP-PPG), was led by demand in the Industrial Liquid Paints segment. The international business performance was led by double digit growth in some markets like Bangladesh, Nepal & Emirates even though some countries continued to be affected by political events and macro-economic uncertainty. The ramp-up of Home improvement business has been slower than expected, due to weak consumer sentiments he added.
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