Asian Paints share price extended fall, declining over 5% in early trade on Thursday, a day after the company reported its earnings for the third quarter of FY24. Asian Paints shares declined 5.3% to ₹3,070.55 apiece on the BSE.
On January 17, Asian Paints shares fell 1.66% after the company reported its Q3 results. Asian Paints posted a net profit of ₹1,475.16 crore for the quarter ended December 2023, registering a growth of 34.4% from ₹1,097.06 crore in the year-ago period.
The company’s revenue in Q3FY24 increased 5.4% to ₹9,104 crore from ₹8,636.7 crore, YoY. The decorative business grew in luxury and economy segments to register a robust 12% volume growth and a value growth of 5.5%.
At the operating level, the paint manufacturer’s earnings before interest, tax, depreciation, and amortization (EBITDA) rose to ₹2,056 crore from ₹1,611.4 crore, while EBITDA margin improved to 22.6% from 18.7%, YoY.