Asian Paints on October 21 reported a 29 percent year-on-year decline in consolidated profit at Rs 605.2 crore for the quarter ended September 2021 as higher input prices dented operating income, missing analysts' expectations.
The stock reacted sharply to the weak numbers, falling 6.4 percent to Rs 2,965.65 at 14:12 hours IST.
Consolidated revenue during the quarter grew by 32.6 percent year-on-year to Rs 7,096 crore, which came in higher than analysts' expectations due to higher sales volumes.
"The domestic decorative business continued to move ahead on its high growth trajectory with an unprecedented 34 percent volume growth in the quarter and a strong compounded growth rates over the last 2 years. The industrial coatings business also registered strong double digit revenue growth led by robust demand for protective coatings and uptick in the automotive sector," said Amit Syngle, Managing Director & CEO.