Asian Paints Q3 net profit rises 1.3%
Asian Paints surpassed analysts estimates by reporting consolidated net profit of Rs 476.61 crore in the third quarter ended December 31, 2016.
The company reported net profit of Rs 476.61 crore, a rise of 1.27% from Rs 470.61 crore in the corresponding period of the previous year.
However, net profit sequentially declined by 0.91% from Rs 480.99 crore.
A Bloomberg poll estimated Asian Paints to report net profit of Rs 473 crore in Q3FY17.
Consolidated total income from operations stood at Rs 4,353.99 crore, increasing by 2.56% year-on-year (yoy) and 2.87% quarter-on-quarter (qoq).
K.B.S Anand, Managing Director & CEO of Asian Paints said, "The decorative business segment in India registered low single-digit growth in the quarter with demand impacted to a certain extent on the back of demonetisation. Automotive coatings JV (PPG-AP) witnessed good demand conditions in the Auto OEM segment and the industrial coatings JV (AP-PPG) business saw good growth in Industrial liquid paints and powder coating segments."
Consolidated operating profit (EBITDA) stood at Rs 776.33 crore, down by 1.2% from Rs 785.49 crore a year ago same period.
Anand added, "International business reported good numbers specifically aided by contribution from good pick-up in demand in Nepal, Fiji and certain units in Middle East."
Shares of Asian Paints closed at Rs 964.25 per share on BSE, down by 0.16%.