BENGALURU :India's top paint maker Asian Paints Ltd reported a smaller-than-expected rise in third-quarter profit on Thursday, as an extended monsoon season dampened festive demand in October.
Extended monsoon in October affected retailing in the peak festival season, Asian Paints Chief Executive Amit Syngle said in a statement, adding that volumes in the domestic decorative business was flat. Asian Paints dominates nearly half of the domestic paints sector and the decorative paint segment accounts for about 80 per cent of the company's revenue.
Oil prices dropped about 2.5 per cent in the December quarter and retreated 38.25 per cent from its 2022 high of $139.13 per barrel by end of the year.
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