Asian Paints fell 2.37% to Rs 478.50 at 9:17 IST on BSE after consolidated net profit fell 1.75% to Rs 329.35 crore on 13.03% rise in total income to Rs 3481.99 crore in Q3 December 2013 over Q3 December 2012.
The result was announced after market hours on Monday, 21 January 2014.
Meanwhile, the BSE Sensex was up 28 points, or 0.13%, to 21,233.05.
On BSE, so far 12,000 shares were traded in the counter, compared with an average volume of 94,585 shares in the past one quarter.
The stock hit a high of Rs 482 and a low of Rs 475.05 so far during the day. The stock hit a record high of Rs 560 on 8 November 2013. The stock hit a 52-week low of Rs 376.35 on 28 August 2013.
The stock had underperformed the market over the past one month till 20 January 2014, rising 0.14% compared with the Sensex's 0.59% rise. The scrip had also underperformed the market in past one quarter, rising 0.65% as against Sensex's 1.54% rise.
The large-cap company has an equity capital of Rs 95.92 crore. Face value per share is Re 1.
Asian Paints said that results for Q3 December 2013 include unaudited consolidated financials of Sleek International in which the company acquired 51% stake on 8 August 2013. In view of this, the results for Q3 December 2013 are not comparable with the corresponding previous periods, Asian Paints said.
"The decorative paints business in India did well considering the challenging and uncertain macro environment. Raw material prices were marginally higher in the third quarter. Industrial paints segment continued to be impacted by sluggish manufacturing environment in the economy, with no major capes activity. Automotive coatings growth was affected due to the subdued demand in the automotive sector. International Business registered good growth. Middle East and Asia have done well even though some countries continued to be affected by political events and macro economic uncertainty," said K.B.S. Anand, Managing Director & CEO, Asian Paints.
Asian Paints is India's largest paint company and ranked among the top ten Decorative coatings companies in the world with a consolidated turnover of Rs 10970 crore. Asian Paints along with its subsidiaries have operations in 17 countries across the world with 24 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints - Egypt, Asian Paints, Apco Coatings and Taubmans.
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