Asian Paints slips after declaring Q3 result

Asian Paints fell 0.75% to Rs 1,410 at 15:18 IST on BSE after the company declared Q3 result during market hours today, 22 January 2019.

Meanwhile, the S&P BSE Sensex was down 137.33 points, or 0.38% to 36,441.63

On the BSE, 2.95 lakh shares were traded in the counter so far compared with average daily volumes of 1.14 shares in the past two weeks. The stock had hit a high of Rs 1,431.50 and a low of Rs 1,378 so far during the day. The stock hit a record high of Rs 1,488.60 on 25 July 2018. The stock hit a 52-week low of Rs 1,082 on 23 March 2018.

Asian Paints' consolidated net profit after non-controlling interest (from continuing operations) increased by 14.6% to Rs 635.60 crore in Q3 December 2018 over Q3 December 2017. Revenue from operations increased 24.1% to Rs 5293.99 crore in Q3 December 2018 over Q3 December 2017.

K.B.S. Anand, Managing Director & CEO, Asian Paints said the decorative business segment in India registered a high double digit volume growth and delivered strong performance across regions. The automotive coatings JV (PPG-AP), witnessed subdued growth in the auto OEM segment while the industrial coatings JV (AP-PPG) continued to witness good growth in the protective coatings - dealer segment and the powder segment. Margins remained under pressure on account of the higher raw material prices.

In the International operations, some key units continued to witness challenging business conditions while both the segments in the Home Improvement category viz. the Kitchen (Sleek) and Bath (Ess Ess) business continued to scale up with expansion in network and enhancement in product portfolio, K.B.S. Anand said.

Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. Asian Paints is also present in the home improvement and Dor space in India through Sleek (Kitchens) and Ess Ess (bath fittings).

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