Asian Paints Ltd, India's biggest paint maker by market capitalisation, on Tuesday reported first-quarter profit above analysts' expectations, helped by double-digit volume growth in its decorative paint business.
Net profit rose about 31 per cent to Rs 558 crore ($81.02 million) in the three months ended June 30 from Rs 427 crore a year earlier, the company said in a statement.
Analysts on average had expected the Mumbai-based company to post a profit of Rs 516 crore, according to Thomson Reuters data.
Revenue from operations rose over four per cent to Rs 4,399 crore.
Shares in Asian Paints closed 2.8 per cent higher at Rs 1,472.80 apiece on stock exchange NSE.
($1 = Rs 68.8750)
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