Mumbai : Asian Paints said fiscal third-quarter profit rose 1.5% to Rs489.31 crore because of muted growth in its paint business.
Asian Paints’ total income from operations rose 2.56% to Rs4,353.99 crore for the quarter ended 30 December from Rs4,245.16 crore in the corresponding period last fiscal.
The earnings missed market estimates. In a Bloomberg poll, 21 analysts had estimated consolidated net sales at Rs4,127 crore and net profit at Rs503.6 crore.
The decorative business segment in India registered low single digit growth in the quarter with demand impacted to a certain extent because of demonetisation. The international business reported good numbers specifically aided by contribution from good pick-up in demand in Nepal, Fiji and certain units in the Middle East. Performance in key market of Egypt was impacted by the devaluation of the local currency, said Asian Paints managing director and chief executive K.B.S. Anand.
Shares of Asian Paints Ltd fell 0.16% to close at Rs964.25 per share on Monday on the BSE, while the benchmark index, Sensex gained 0.31% to close at 27117.34 points.