Asian Paints slips 3% after Q3FY23 result misses street estimates

The domestic decorative business registered a flat volume and value sales delivery for the quarter, on a very high price increase base in the previous year.

Shares of Asian Paints were down 3 per cent to Rs 2,857 per share and fell 4 per cent from its high of Rs 2,972 apiece in Thursday’s intra-day trade, after paint and décor company reported lower-than-expected revenue for the December quarter (Q3FY23).

The company’s consolidated sales grew by 1.7 per cent year-on-year (YoY) to Rs 8,607 crore. Earnings before interest, taxes, depreciation, and amortization (ebitda) grew by 4.5 per cent YoY to Rs 1,611 crore, while margins expanded by 57 basis points (bps) YoY to 18.7 per cent.