Asian Paints Pares Gains Logged Post Q3Fy22 Earnings

Shares of Asian Paints headed northwards after the release of its Q3 earnings for Fy22. The shares of the country's largest paint maker climbed to day's high price of Rs. 3364.9 while its day low price is at Rs. 3222. Later as the sell-off on the D-Street deepened, Asian Paints which at one point in trade today was amongst the top Nifty gainers, pared its gains after its results announcement.

The company's consolidated net profit (after non-controlling interest) declined 18% YoY to Rs. 1015.69 crore in the December ended quarter of Fy22 in comparison to Rs. 1238.34 crore in the same quarter a year-ago. Revenue from operations at the company however registered an YoY increase of 25.6% to Rs. 8527.24 crore.

Profit before tax (PBT) at the company fell 17.9 per cent to Rs 1,393.72 crore from Rs 1,696.76 crore in the year-ago quarter.

"The domestic Decorative business registered yet another strong double digit growth performance, five quarters in a row, with a 18% volume growth, on a strong base of the previous year. The Industrial Coatings business also registered a robust double digit revenue growth especially in the Protective Coatings segment. However, the automotive coatings business was impacted by the challenges facing the automotive sector,"said Amit Syngle, Managing Director & CEO, Asian Paints Limited.

Last, the stock of Asian Paints at around 2:26 pm traded with gains of 0.51% at Rs. 3293.2 while the negative trend in the market deepens with Nifty sinking by close to 250 points at around the same time.

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