Asian Paints loses shine after posting dismal Q1 results

Asian Paints declined 0.54% to Rs 1,149.80 at 14:45 IST on BSE after consolidated net profit fell 20.1% to Rs 427.41 crore on 4.9% rise in revenue from operations to Rs 4228.26 crore in Q1 June 2017 over Q1 June 2016.

The result was announced during market hours today, 25 July 2017.

Meanwhile, the S&P BSE Sensex was up 11.71 points or 0.04% at 32,257.58.

On the BSE, 1.11 lakh shares were traded on the counter so far as against the average daily volumes of 94,871 shares in the past one quarter. The stock had hit a high of Rs 1,161 and a low of Rs 1,140.25 so far during the day. The stock had hit a record high of Rs 1,230 on 13 October 2016 and a 52-week low of Rs 850.10 on 22 December 2016.

The stock had underperformed the market over the past one month till 24 July 2017, rising 0.18% compared with 3.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 8.2% as against Sensex's 8.73% rise. The scrip had also underperformed the market in past one year, gaining 10.6% as against Sensex's 15.98% rise.

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 and CEO of the company said that the decorative business in India registered low single digit volume growth in Q1 June 2017 with the business getting impacted especially in the month of June due to GST roll out from 1 July 2017.

In the international operations, currency devaluations in Egypt and forex unavailability in Ethiopia, impacted overall performance.

Both the segments within the home improvement business-the kitchen business under Sleek and the bath business under Ess Ess, registered low growth in the quarter, mainly impacted by GST transition effect, he added.

Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world.

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