 "Asian Paints loses colour on high marketing spend, stock falls 2.3%")
The Asian Paints stock, which was under pressure on Thursday given the expectations of a weak March 2019 quarter, closed 2.3 per cent lower at Rs 1,355.8 apiece as its results came below the Street’s expectations.
The paint leader clocked 11.7 per cent year-on-year (YoY) growth in net operating revenue to Rs 5,018 crore, against the Bloomberg consensus estimate of Rs 5,223 crore. Net profit declined by 1.7 per cent to Rs 487.5 crore, which was 19 per cent lower than the Street’s estimates.
Higher advertising and promotional spends weighed on the overall performance of the company, even as volume growth at
