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<keyword id="201354" type="General" weightage="20" keywordseo="asian-paints-ltd" source="Orion">Asian Paints Ltd</keyword> on Thursday reported a 29 per cent decline in consolidated <keyword id="6431508" type="General" weightage="20" keywordseo="net-profit" source="Orion">net profit</keyword> to ₹605.17 crore in the second quarter ended September 30, on account of higher expenses, especially input costs. The company had posted a consolidated net profit of ₹851.9 crore in the corresponding period of last fiscal, Asian Paints Ltd said in a regulatory filing. Its consolidated revenue from operations in the second quarter stood at ₹7,096.01 crore, against ₹5,350.23 crore a year ago. The company said its total expenses in the second quarter stood at ₹6,418.17 crore as compared with ₹4,299.12 crore in the same period last fiscal. Of this, cost of materials consumed was at ₹4,570.53 crore as compared to ₹2,646.49 crore in the year-ago quarter, the company said. Asian Paints Ltd Managing Director and CEO <keyword id="2064764" type="General" weightage="20" keywordseo="Amit-Syngle" source="Orion">Amit Syngle</keyword> said, "Steep inflation seen in raw material prices, since the beginning of this calendar year, has been phenomenal and has impacted gross margins across all businesses in the quarter." The company has taken a series of price increases and would look at further price increase to mitigate the impact of this persistently high inflation, he said adding that the company is confident that it should be able to turn this around strongly in the coming quarter. Syngle said the domestic decorative business continued to "move ahead on its high growth trajectory with an unprecedented 34 per cent volume growth in the quarter and a strong compounded growth rates over the last two years". The industrial coatings business also registered strong double-digit revenue growth, led by robust demand for protective coatings and uptick in the automotive sector. The home improvement business continued to scale up in a significant manner, registering its highest quarterly revenues, aided by strong alignment with the projects business, he added. "Performance in the international business was a mixed bag with good growth in the South Asian markets, while markets in the Middle East and Africa were sluggish with challenges around COVID-19 and forex (foreign exchange) availability," Syngle said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/dearness-allowance-hiked-by-3-to-31-for-central-government-employees/articleshow/87183710.cms">Dearness allowance hiked to 31% for central government employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/iaf-aircraft-mirage-2000-crashes-in-madhya-pradeshs-bhind-district-pilot-ejected-safely/articleshow/87182926.cms">IAF aircraft Mirage 2000 crashes in Madhya Pradesh's Bhind district, pilot ejected safely</a>

Asian Paints' net profit drops 29% on high raw material prices

<ul><li>The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a red start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst negative cues from the global markets, the Indian equities are likely to open lower on Thursday. The SGX Nifty was trading 0.27% lower at 7:45 am, indicating a weak start for Nifty50. The US stocks also closed on a choppy note as negotiations continue to drag over the stimulus package. Dow Jones shed over 97 points, and the S&amp;P 500 ended 0.22% lower. These are the stocks to watch out for during the trading session on October 22: Bajaj Finserv The private lender Bajaj Finserv reported an 18% fall in its consolidated net profit to ₹986.29 crore for the quarter ended September 30, as group entities suffered a contraction in profits. The company’s overall income rose 5.8% to ₹15,051.59 crore during the quarter under review. The shares of Bajaj Finserv ended 0.72% lower on Wednesday. DLF Realty major DLF’s rental arm has signed a deal with Standard Chartered GBS. DLF will be leasing 7.7 lakh sq ft office space in an upcoming commercial tower in Chennai. The shares of DLF ended 2.87% higher on Wednesday. Prestige and Brigade Bengaluru-based developers Prestige and Brigade Group have partnered to develop a shopping mall and a hotel in Chennai at the cost of around ₹500 crore. The two leading developers have jointly taken 7.5-acre land on a 99-year lease in Chennai. The shares of Prestige ended 3% lower on Wednesday, whereas Brigade was up over 4%. Kirloskar Brothers Regulator SEBI has slapped a penalty of ₹31 crore on Kirloskar Brothers Ltd (KBL) promoters and others for indulging in insider trading and committing fraud on public shareholders of Kirloskar Industries. Also, the entities have been barred from the capital market for a period ranging three months to six months, the regulator said in three separate orders on Tuesday. The shares of Kirloskar Brothers ended 0.18% lower on Wednesday. Aavas Financiers Aavas Financiers board approved to raise up to ₹100 crore via bonds. The shares of Aavas Financiers ended 0.44% lower on Wednesday. Equitas Small Finance Bank IPO The initial public offering (IPO) of Equitas Small Finance Bank was subscribed 67% on the second day of bidding. The portion reserved for qualified institutional buyers (QIBs) was subscribed 5%, non-institutional investors 5% and retail investors 142%. Bajaj Auto, Asian Paints, Biocon and Bharti Infratel Bajaj Auto, Asian Paints, Biocon and Bharti Infratel will be reporting their financial earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms" data-type="tilCustomLink">Kumar Mangalam Birla says cement industry is recovering and analysts find evidence of it outside UltraTech too</a> <a href="https://www.businessinsider.in/business/startups/news/uber-bus-pradeep-parameswaran-says-india-and-apac-will-follow-egypt-success/articleshow/78788982.cms" data-type="tilCustomLink">Uber Bus in India soon? Head of Mobility in APAC says he is ready to import the Egypt experiment</a> <a href="https://www.businessinsider.in/india/news/sadhguru-advice-government-should-give-tax-relief-for-sustainable-businesses/articleshow/78790522.cms" data-type="tilCustomLink">Sadhguru’s advice: Government should give tax relief for sustainable businesses</a>

Top stocks to watch — DLF, Bajaj Finserv, Prestige, Brigade, Bajaj Auto, Asian Paints, Biocon, and others

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Asian Paints' net profit drops 29% on high raw material prices

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Top stocks to watch — DLF, Bajaj Finserv, Prestige, Brigade, Bajaj Auto, Asian Paints, Biocon, and others

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