Asian Paints Q2 profit rises 18%
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Asian Paints on Tuesday reported an 18.11% increase in consolidated net profit at Rs494.76 crore for the September quarter, driven by robust growth in its decorative business segment.
Asian Paints’ total income from operation on a consolidated basis was up 10.23% to Rs4,232.46 crore in the quarter under review as against Rs3,839.66 crore in the corresponding period last fiscal.
“The decorative business segment in India registered a double digit growth. However, a prolonged monsoon did affect demand in west and central India. Good demand condition in auto OEM and general industrial business segment led to improved performance of 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.
In the first-half of the current fiscal, Asian Paints’ consolidated standalone net profit was up 18.30 per cent to Rs 1,047.32 crore as against Rs 885.29 crore in the six-month period a year ago.
Asian Paints’ total income in first half of the current fiscal was also up 10.23 cent to Rs 8,314.54 crore compared to Rs 7,542.70 crore in the same period last year.
Meanwhile in a separate filing, Asian Paints informed that its board in a meeting held today “considered and approved” payment of interim dividend of Rs 2.65 per equity share of the face value of Re 1 each for the financial year ending March 31, 2017.