The management attributed the company's performance to the decorative business segment in India, which registered a high double digit volume growth and delivered strong performance across regions.
"The Automotive coatings JV (PPG-AP) business was affected by the severe slowdown being witnessed in the automobile industry. Even the Industrial Coatings JV (AP-PPG) business was impacted by demand slowdown. Benign raw material prices, however, supported the margins for the entire coatings business," it said.
The stock hit a high of Rs 1,519 on April 4, 2019. Since then, it has underperformed the market by falling 8 per cent from the level. In comparison, the S&P BSE Sensex was down 2 per cent during the same period till Tuesday.
At 02:11 pm, Asian Paints was trading 3 per cent higher at Rs 1,476 on the BSE, as compared to a 0.18 per cent decline in the benchmark index. The trading volumes on the counter jumped nearly five-fold with a combined 5.3 million shares changing hands on the NSE and BSE.