Asian Paints Shares Fall After Q1 Profit Declines

Asian Paints Ltd's shares fell over 1% on Thursday following a 24.64% decline in consolidated net profit for the June quarter. Factors such as a severe heatwave and general elections contributed to the downturn. The company's consolidated revenue also dropped to Rs 8,969.73 crore.

Shares of Asian Paints Ltd ended over 1 per cent lower on Thursday after the company reported a 24.64 per cent decline in consolidated net profit in the June quarter.

The stock dropped 4.24 per cent to Rs 2,848.15 during the day on the BSE. It later ended at Rs 2,930.45 apiece, lower by 1.48 per cent.

On the NSE, it declined 1.40 per cent to Rs 2,932.80 per share after dropping 4.45 per cent to Rs 2,842 apiece in intra-day.

The stock emerged as the biggest laggard among the Sensex pack.

In volume terms, 1.29 lakh shares of the firm were traded on the BSE and 53.85 lakh shares on the NSE during the day.

Asian Paints Ltd on Wednesday reported a 24.64 per cent decline in consolidated net profit to Rs 1,186.79 crore in the June quarter, hit by demand slowdown due to severe heatwave and general elections.

The company had posted a consolidated net profit of Rs 1,574.84 crore in the same period last fiscal year, it said in a regulatory filing.

Consolidated revenue from operations in the first quarter of the current fiscal was down to Rs 8,969.73 crore, as compared to Rs 9,182.31 crore in the year-ago period, it added.

Total expenses were higher at Rs 7,559.04 crore, up from 7,305.09 crore in the corresponding period of the last fiscal.

''Demand conditions for the paint industry were tough, impacted by the severe heatwave and general elections in the quarter,'' Asian Paints Ltd Managing Director & CEO Amit Syngle said.

(With inputs from agencies.)