BackAsian Paints Q3 profit up 11.78% to Rs368.18 crore
Sluggish demand saw revenue increase by 5.81% to `3,684.64 crore for the December quarter from `3,481.99 crore in the year-ago corresponding quarter
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Mumbai: Asian Paints Ltd said fiscal third quarter profit rose 11.8% to ₹ 368.18 crore from ₹ 329.35 crore in the year-ago quarter.
Sluggish demand saw revenue increase by 5.81% to ₹ 3,684.64 crore for the quarter ended December 31 from ₹ 3,481.99 crore in the year-ago corresponding quarter.
“We registered single-digit volume growth in the decorative paint segment in India due to sluggish demand conditions. Growth in the current quarter was also impacted due to the early festival season as compared to the previous year," said K.B.S. Anand, managing director and chief executive officer, Asian Paints. “The ramp-up of Home improvement business has been slower than expected, due to weak consumer sentiments."
The results include consolidated financials of Sleek International Pvt. Ltd in which the company acquired 51% stake in August 2013.
Shares of Asian paints fell 3.1% to ₹ 882 at 1.49 pm on BSE, while the exchange’s benchmark index rose 0.16% to 29,511.48 points.
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