For the April-June quarter, its net profit dropped 24.5% year-on-year, below analysts’ estimates.
Heatwave and general elections spoiled the party for Asian Paints in the April-June quarter of the current fiscal. Its consolidated net profit, at Rs 1,170 crore, dropped 24.5% year-on-year, below analysts’ estimates of an over Rs 1,400 crore profit.
The paint maker’s consolidated net sales stood at Rs 8,943 crore, a 2.3% decline from the same period in the previous year. The net profit fell 20.9% from Rs 1,508.4 crore in the previous quarter.
In its statement, the company attributed the revenue hit to price cuts implemented in the previous quarter to keep competition at bay. Asian Paints reduced …
Disha is a writer at The Morning Context. She has previously worked at the digital production desk of Reuters. Prior to that, she was a sub-editor at Deccan Herald.
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