MUMBAI: today reported a 28 per cent year-on-year decline in consolidated net profit for the quarter ended September to Rs 595.96 crore, which was sharply below analysts’ estimate.
The company’s bottomline performance missed expectations of all eight brokerages polled by ETMarkets.com.
The paint manufacturer’s consolidated revenues in the quarter grew by 32.6 per cent on-year to Rs 7,096 crore, which was sharply above Street’s estimate.
The company’s board also approved an interim dividend of Rs 3.65 per share at its meeting held earlier today.
The decline in the company’s bottomline was largely due to a sharp spike in expenses during the quarter. Asian Paints’ total expenses jumped 49 per cent on-year to Rs 6,418.2 crore led by a 73 per cent rise in cost of raw materials.
