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Asian Paints bucks trend after strong Q3 results

Capital Market/ 09:26 , Jan 22, 2013

Asian Paints rose 1.29% to Rs 4,351.50 at 9:25 IST on BSE after consolidated profit after tax rose 30.5% to Rs 335.20 crore on 19% growth in income from operations to Rs 3052.90 crore in Q3 December 2012 over Q3 December 2011.

The result was announced after market hours Monday, 21 January 2013.

Meanwhile, the BSE Sensex was down 4.35 points, or 0.02%, to 20,097.47.

On BSE, 1,723 shares were traded in the counter as against an average daily volume of 6,144 shares in the past one quarter.

The stock hit a high of Rs 4,362 and a low of Rs 4,329.95 so far during the day. The stock had hit a record high of Rs 4,494 on 20 December 2012. The stock had hit a 52-week low of Rs 2,710 on 20 January 2012.

The stock had underperformed the market over the past one month till 18 January 2013, rising 0.43% compared with the Sensex's 3.48% rise. The scrip had, however, underperformed the market in past one quarter, rising 9.84% as against Sensex's 6.64% rise.

The large-cap company has an equity capital of Rs 95.92 crore. Face value per share is Rs 10.

Asian Paints said that growth in the third quarter was good for decorative business across the country. Quarter witnessed improved demand conditions during Diwali season. Industrial business was impacted due to poor demand from projects business and slowdown in OEM segment, the company added. Further, the firm said that international business registered strong performance with in the Middle East and Asia region, which is reflected in the consolidated numbers.

Asian Paints said it observed softening in prices of titanium dioxide and some other chemicals during Q3 December 2012.

The company said the construction work at the Khandala plant near Pune in Maharashtra is on schedule. The first phase of 3 lakh kilolitre (KL) per annum is expected to be on stream in Q4 March 2013. The plant can be further scaled upto 4 lakh KL per annum.

Asian Paints is India's largest paint company and Asia's third largest paint company, with a turnover of Rs 9632 crore. It operates in 17 countries and has 24 paint manufacturing facilities in the world servicing consumers in over 65 countries. Besides Asian Paints, the group operates around the world through its subsidiaries Berger International, Apco Coatings, SCIB Paints and Taubmans.


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