Asian Paints Q1 net profit down 20% to Rs441 crore
New Delhi: Asian Paints on Tuesday reported 20.23% decline in consolidated net profit to Rs440.74 crore for the first quarter ended 30 June, mainly on account of higher expenses. The company had posted a net profit of Rs552.56 crore in the same period of previous fiscal, Asian Paints said in a BSE filing.
The company’s total expenses during the June quarter increased by 10.74% to Rs3,661.37 crore, compared to Rs3,306.22 crore during the same period last fiscal. Its total income from operations, however, was up 4.94% at Rs4,306.60 crore in the quarter under review, as against Rs4,103.56 crore in the corresponding quarter last fiscal.
“The decorative business in India registered low single digit volume growth in the current quarter with the business getting impacted, especially in the month of June due to GST rollout from 1 July,” Asian Paints managing director and CEO K.B.S. Anand said.
On standalone basis, the company recorded a net profit of Rs400.95 crore, compared to Rs501.18 crore in the year ago period. Shares of the company were trading at Rs1,156.50 apiece on BSE, up 0.04% from previous close.