BENGALURU (Reuters) – India’s top paint maker Asian Paints Ltd reported lower-than-expected rise in third-quarter profit on Thursday, as muted demand offset the benefits from a correction in raw material costs.
The Mumbai-based company’s consolidated net profit rose 5.6% to 10.73 billion rupees ($131.90 million) in the three months ended Dec. 31. Analysts, on average, had expected a profit of 11.60 billion rupees, according to Refinitiv IBES data.
(Reporting by Bharath Rajeswaran in Bengaluru in Bengaluru; Editing by Eileen Soreng)
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