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Jul 22, 2013, 03.58 PM IST | Source: Moneycontrol.com

Asian Paints Q1 net slips 1.7% to Rs 283 cr

Total income from operations of Asian Paints increased 11.5 percent to Rs 2,841 crore in June quarter from Rs 2,548 crore reported in a year ago period, which was lower than expectations.

Moneycontrol Bureau

Asian Paints ' first quarter (April-June) consolidated net profit fell 1.7 percent year-on-year to Rs 283 crore, sending shares 3 percent lower.

Total income from operations increased 11.5 percent to Rs 2,841 crore in June quarter from Rs 2,548 crore reported in a year ago period, which was lower than expectations.

Analysts on an average were expecting it to report net profit at Rs 309 crore on net sales of Rs 2831 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose lower-than-expected 4 percent Y-o-Y to Rs 465 crore in first quarter and operating profit margin fell by 110 basis points Y-o-Y to 16.4 percent.

Analysts had expected EBITDA at Rs 491 crore and margin at 17.3 percent.

Asian Paints says that earnings were impacted by rupee depreciation. Raw material prices were stable with softening bias, the company adds.

After disappointing results, the stock fell 2.2 percent to Rs 5,050 on the BSE.

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