Asian Paints’ quarterly profit rises over 18% to Rs 495 crore
Asian Paints on Tuesday reported an 18.11 per cent increase in consolidated net profit at Rs 494.76 crore for the September quarter, driven by robust growth in its decorative business segment.
The company had posted a net profit of Rs 418.87 crore in the July-September quarter of the previous fiscal, Asian Paints said in a filing to the BSE. Asian Paints' total income from operation on consolidated basis was up 10.23 per cent to Rs 4,232.46 crore during the quarter under review as against Rs 3,839.66 crore in the corresponding period last fiscal.
"The decorative business segment in India registered a double digit growth in the quarter. However, a prolonged monsoon did affect demand in west and central India. Good demand condition in the auto OEM and general industrial business segment led to improved performance of the automotive coating JV (PPG-AP)," said Asian Paints MD & CEO K B S Anand.
The international business reported good numbers specifically aided by contribution from good pick-up in demand in Nepal, Fiji and certain units in the Middle East, he further added. Its total expenses were up 9.22 per cent to Rs 3,603.83 crore as against Rs 3,299.32 crore. pti