Asian Paints reports 23.5% drop in Q3 profit amid weak demand 

Asian Paints Limited, India’s leading paint manufacturer, reported a 23.5 per cent decline in consolidated net profit to ₹1,110.5 crores for the third quarter ended December 31, 2024, compared to ₹1,447.7 crores in the same period last year. The company’s consolidated net sales decreased by 6.1 per cent to ₹8,521.5 crores from ₹9,074.9 crores.

The shares of Asian Paints Limited were trading at ₹2,355.85 up by ₹63.60 or 2.77 per cent on the NSE today at 2.46 pm.

The decorative business in India registered a modest volume growth of 1.6 per cent, but revenue declined by 7.8 per cent due to muted demand conditions, downtrading, and a weak festive season. The company’s standalone net sales fell by 7.5 per cent to ₹7,289.2 crores.

While the industrial business showed positive momentum with 3.8 per cent growth driven by General Industrial and Refinish segments, the standalone PBDIT margin declined by 340 basis points year-over-year to 20.7 per cent. However, it improved sequentially by 430 basis points.

The international business performed better, with revenues increasing by 5 per cent in INR terms and 17.1 per cent on a constant currency basis, led by growth in the Middle East and recovering conditions in key Asian markets.

Amit Syngle, Managing Director & CEO, expressed cautious optimism about demand recovery while emphasizing continued investment in brand building and innovation.