Asian Paints ends in red as volume growth in Q4 disappoints

MUMBAI: Shares of Asian Paints fell in trade today after its quarterly results turned out to be lower than street expectations. The company reported consolidated net profit of Rs 258.6 crore for the quarter ended March 2013, down 0.3 per cent, compared to a net profit of Rs 259.5 crore in the corresponding quarter last fiscal.

Net sales for the period increased to Rs 2,713 crore, up 6.8 per cent, compared to Rs 2,538 crore in the same period a year ago. (Est Rs 2930 crore)

According to analysts, both topline and bottomline were below estimates. Margin and volume growth also disappointed. The company reported volume growth of 1-2 per cent during the quarter as against estimates of 9 per cent.

The company's EBIDTA was up 4 per cent at Rs 392.8 crore compared to Rs 377 crore and expecations of Rs 469 crore. EBIDTA margins stood at 14.48 per cent as against 14.85 per cent and estimate of 16 per cent.

The company board has approved a stock split to sub divide shares of the face value Rs 10 per share into Re 1 per share.

The stock ended at Rs 4,673.60, down 3.63 per cent, on the BSE. It touched a high of Rs 4,924.75 and a low of Rs 4,590.50 in trade today.