(Reuters) - India's Asian Paints missed third-quarter profit estimates on Tuesday, pressured by intense sector competition and a continued reduction in discretionary spending by inflation-strained consumers.

The paintmaker's consolidated net profit came in at 11.11 billion rupees ($127.6 million) during October-December, below analysts' average estimate of 11.31 billion rupees, as per data compiled by LSEG.

($1 = 87.0550 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips)