Asian Paints Q2 Results: Stock surges over 6% after strong domestic volume growth

Shares of Asian Paints Ltd., India's largest paints manufacturing company surged as much as 6% on Wednesday, November 12, in response to its September quarter results.

The company reported domestic decorative volume growth of 10.9% for the September quarter, which is well above the CNBC-TV18 poll, that had projected the figure to be between 4% to 5%.

Asian Paints' Net profit increased by 47% from the same quarter last year to ₹1,018 crore from ₹693 crore during the base quarter. The same quarter last year also had a one-time loss of ₹180 crore. The number is higher than the CNBC-TV18 poll of ₹890 crore.

Revenue for the quarter increased by 6.4% from last year to ₹8,531 crore, which is higher than the CNBC-TV18 poll of ₹8,105 crore.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased by 21.3% from last year to ₹1,503 crore. The figure is higher than the CNBC-TV18 poll of ₹1,325 crore.

EBITDA margin grew by over 200 basis points from last year to 17.6% from 15.4% last year, also higher than the CNBC-TV18 poll of 16.3%.

Shares of Asian Paints ended at the highest point of the day, ending 6.6% higher at ₹2,832. In response to Asian Paints results, the stock of Grasim fell to the lows of the day, while other peers like Berger Paints and Indigo Paints saw gains.

To be updated with more.