October 22, 2018 / 12:59 PM / 3 months ago

Asian Paints second-quarter profit falls about 14 percent, misses estimates

(Reuters) - Asian Paints Ltd posted on Monday a 14.4 percent fall in second-quarter profit, which missed analysts’ estimates, hurt by higher expenses.

Net profit fell to 4.93 billion rupees ($67.02 million) in the September-quarter from 5.76 billion rupees a year earlier, the company said in a statement.

Analysts, on an average, had expected the Mumbai-based company to post a profit of 5.78 billion rupees, according to Refinitiv Eikon data.

Revenue from operations rose over 8.5 pct to 46.39 billion rupees while total expenses rose about 11 pct in the quarter.

($1 = 73.5550 Indian rupees)

Reporting by Mekhla Raina in Bengaluru

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