Profit Falls On Back Of Exceptional Loss; Shares Hit Nearly Three-Month Low
Asian Paints Ltd.’s profit falls 5% to Rs 1,060 crore in the third quarter of this financial year due to one-time exceptional loss of Rs 158 crore, the company said in an exchange filing on Tuesday.
The exceptional loss incudes one-time expense of Rs 63.74 crore towards increasing gratuity liability and liability towards compensated absences due the new labour law. It also includes impairment loss of Rs 93.87 crore on ‘intangibles’, recognised on acquisition of Obgenix Software Pvt.
Revenue advanced by 3.7% year-on-year for the three months ended December, reaching Rs 8,867 crore. Operating income, or earnings before interest, taxes, depreciation, and amortization rose 8.8% year-on-year to Rs 1,781 crore. The Ebitda margin expanded to 20.1%.
(This is a developing story.)
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