Asian Paints shares witnessed a sharp decline of over 4% in trade after the company reported its Q3 results, which fell short of market expectations on key parameters.
Asian Paints Ltd reported a net profit of ₹1,074 Cr for the December quarter, missing the CNBC-TV18 poll estimate of ₹1,219 Cr. Revenue for the quarter stood at ₹8,867 Cr, also below the CNBC-TV18 poll expectation of ₹9,016 Cr.
On the operating front, EBITDA came in at ₹1,781 Cr, slightly ahead of the street estimate of ₹1,750 Cr. EBITDA margin for the quarter was reported at 20%, outperforming the poll estimate of 19.5%.
A key area of focus for investors was the India decorative business volume growth, which stood at 7.9% in Q3. This was marginally below the CNBC-TV18 poll range of 8–9%.
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