Asian Paints shares nosedive 9% after Q2 PAT slips 42% YoY
Asian Paints on Monday fell 9% to an intraday low of Rs 2,511.65 on the BSE after the company on Saturday reported a 42.5% year-on-year (YoY) fall in its consolidated net profit for the quarter ended September 2024.
The company reported the PAT at Rs 694.6 crore vs Rs 1,205.4 crore posted in the corresponding quarter of the previous fiscal year amid muted consumer sentiments.
The profit figure was also lower than the ET Now poll estimate of Rs 1,079 crore.
In Q2, Asian Paints recorded a 5.3% drop in its consolidated net sales to Rs 8,003 crore from Rs 8,451.9 crore in Q2 of FY24. The revenue figure was also short of market expectations of Rs 8,581 crore.
EBITDA fell 27.8% to Rs 1,239.5 crore from Rs 1,716.2 crore while the margin fell 480 bps to 15.5% on a YoY basis.
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