Asian Paints shares tank over 5% after earnings announcement

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Updated: October 21, 2021 8:37 PM

The company said its total expenses in the second quarter stood at Rs 6,418.17 crore as compared with Rs 4,299.12 crore in the same period last fiscal.

Retain 'buy' and target price of Rs 3,500: We estimate that APNT’s current share price builds in long-term earnings growth expectations of c15%, which looks undemanding given its portfolio, strategy and execution.Retain 'buy' and target price of Rs 3,500: We estimate that APNT’s current share price builds in long-term earnings growth expectations of c15%, which looks undemanding given its portfolio, strategy and execution.

Shares of Asian Paints on Thursday tumbled over 5 per cent after disappointing September quarter earnings. The stock tanked 5.21 per cent to close at Rs 3,003.50 on the BSE. During the day, it tumbled 7.78 per cent to Rs 2,922. On the NSE, it tumbled 4.88 per cent to close at Rs 3,015.

It was the biggest laggard among the benchmark indices. Asian Paints Ltd on Thursday reported a 29 per cent decline in consolidated net profit to Rs 605.17 crore in the second quarter ended September 30, on account of higher expenses, especially input costs.

The company had posted a consolidated net profit of Rs 851.9 crore in the corresponding period of last fiscal, Asian Paints Ltd said in a regulatory filing. Its consolidated revenue from operations in the second quarter stood at Rs 7,096.01 crore, against Rs 5,350.23 crore a year ago.

The company said its total expenses in the second quarter stood at Rs 6,418.17 crore as compared with Rs 4,299.12 crore in the same period last fiscal.

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