Asian Paints profit jumps 10% to Rs 479 crore in March quarter
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Mumbai: Paint maker Asian Paints Ltd on Thursday reported a consolidated profit after tax of Rs479.61 crore for the March quarter, up 10.1% from a year ago. During the period, consolidated revenue grew 9.3% to Rs4,486.34 crore.
Sales volumes in decorative paints—the company’s largest segment—grew in the “low double digits”, managing director and CEO K.B.S Anand said in a statement.
Asian Paints said it has raised prices in the last two quarters following a rise in raw material costs.
The company’s home improvement business—that includes kitchen accessories brand Sleek and bath fittings brand Ess Ess—grew 26.3% to Rs88.12 crore during the quarter, but contributed just about 2% to total revenue for the March quarter as well as FY16-17. In this fiscal year, the segment grew 21.1% to Rs307.9 crore.
For the financial year ending March 2017, Asian Paints’ consolidated income grew 8% to Rs17,347.36 crore while consolidated net profit for the year increased 11.1% to Rs1,966.63 crore.
“Our international business performed well aided by strong performance in markets like Nepal, Jamaica, Fiji, Oman and Bahrain,” Anand said in a statement. However, the company’s business in Egypt was affected when the country devalued the Egyptian pound, he said. Also, operations in Ethiopia were affected by “shortage of raw materials on account of unavailability of foreign exchange”, the statement added.