Asian Paints shares down over 2% as earnings disappoints

Shares of Asian Paints today fell by over 2 per cent after the company's third quarter results missed street expectations.
Asian Paints' scrip ended at Rs 479, down 2.26 per cent on the BSE. During the day, the stock lost 3.59 per cent to Rs 472.50.
At the NSE, the scrip settled 2.14 per cent lower at Rs 479.50.
"Revenues in-line, but misses EBIDTA and profit after tax," said Prashant Kutty, Research Analyst, Emkay Global Financial Services.
According to V Srinivasan, Research Analyst - FMGC, Angel Broking: "For Q3 FY14 Asian Paints posted growth in top-line to Rs 3,413 crore which was below estimates. Bottom-line at Rs 329 crore and was below estimates."

Asian Paints had yesterday reported a consolidated net profit of Rs 329.35 crore for the third quarter ended December, 2013.

The company had posted a consolidated net profit of Rs 335.23 crore in the year-ago period.
Net sales during the quarter under review stood at Rs 3,412.61 crore, while it was Rs 3,033.86 crore in the same period previous fiscal.
The results include unaudited consolidated financials of Sleep International Pvt Ltd, in which the company acquired 51 per cent stake on August 8, 2013 and hence, were not comparable with the corresponding period.