Asian Paints Shares Drop 4% After Q1 Earnings
By Rediff Money Desk, New Delhi Jul 18, 2024 11:00
Asian Paints shares fell over 4% on Thursday after the company reported a 24.64% decline in net profit for the June quarter, citing demand slowdown due to heatwave and elections.
New Delhi, Jul 18 (PTI) Shares of Asian Paints Ltd dropped over 4 per cent in morning trade on Thursday after the company reported a 24.64 per cent decline in consolidated net profit in the June quarter.
The stock went lower by 4.24 per cent to Rs 2,848.15 on the BSE.
At the NSE, it dropped 4.45 per cent to Rs 2,842 apiece.
The stock emerged as the biggest laggard among the Sensex pack.
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, Asian Paints said in a regulatory filing.
Consolidated revenue from operations in the first quarter of the current fiscal was down at 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.
The stock went lower by 4.24 per cent to Rs 2,848.15 on the BSE.
At the NSE, it dropped 4.45 per cent to Rs 2,842 apiece.
The stock emerged as the biggest laggard among the Sensex pack.
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, Asian Paints said in a regulatory filing.
Consolidated revenue from operations in the first quarter of the current fiscal was down at 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.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- IFL Enterprises
- 1.36 (+ 4.62)
- 102868722
- Franklin Industries
- 3.90 (+ 4.56)
- 28783211
- Vodafone Idea L
- 16.29 ( -2.98)
- 23976097
- Indian Renewable
- 259.40 ( -4.72)
- 14648296
- AvanceTechnologies
- 0.91 ( 0.00)
- 12117056
MORE NEWS
India-Russia Trade Boost: Exports, Local...
GTRI report highlights increasing exports, local currency trading & FTA as key to...
Wipro Transfers Stake in Financial Outsourcing...
Wipro Holdings (UK) has transferred its entire stake in Wipro Financial Outsourcing...
Indian Markets Turn Negative After Record Highs
Indian stock markets experienced volatility on Thursday, turning negative after...