New Delhi, Feb 5 (PTI) Shares of Asian Paints on Wednesday dropped over 5 per cent after the firm reported a decline of 23.5 per cent in consolidated net profit for the third quarter ended December 2024.

The stock declined 5.10 per cent to Rs 2,235 on the BSE.

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At the NSE, it tanked 4.97 per cent to Rs 2,237.25.

Asian Paints on Tuesday reported a decline of 23.5 per cent in consolidated net profit at Rs 1,128.43 crore for the third quarter ended December 2024 amid downtrading due to muted demand and weak festive season.

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The company had logged a net profit of Rs 1,475.16 crore during the October-December period a year ago, according to a regulatory filing by Asian Paints.

Its revenue from operations went down 6 per cent to Rs 8,549.44 crore in the December quarter. In the year-ago period, it stood at Rs 9,103.09 crore.

During the reporting quarter "muted demand conditions coupled with downtrading, and a weak festive season impacted revenue", said Asian Paints in its earnings statement.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)