Asian Paints Q1 Results: Stock jumps 5% after strong earnings beat, volume growth of 9%

Shares of Asian Paints Ltd., India's largest paints company, jumped as much as 5% on Wednesday, July 29, in response to their June quarter results, that were better than analyst expectations.

Asian Paints reported decorative business volume growth of 9% during the quarter, which was the mid-point of the CNBC-TV18 poll projection of 8% to 10%.

Revenue for the quarter stood at ₹10,542 crore, which is a growth of 18%, when compared to last year's figure of ₹8,938.6 crore. A CNBC-TV18 poll had pegged the figure at ₹10,200 crore.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹2,169 crore, a 33.5% growth compared to last year's figure of ₹1,625 crore. The figure was also higher than the CNBC-TV18 poll expectation of ₹1,870 crore.

EBITDA margin for the quarter stood at 20.6%, a 240 basis points expansion compared to last year's 18.2% figure. A CNBC-TV18 poll had pegged the figure to be 18.3%.

Shares of Asian Paints made an intraday high of ₹2,864 after the results announcement. The stock is now trading 3.4% higher at ₹2,830. The stock has also turned positive on a year-to-date basis after today's surge.

This is breaking news and will be updated with more details.