BackAsian Paints posts better-than-expected 34.4% increase in June quarter net profit
Net profit rose to Rs455.2 crore from Rs338.7 crore, a year ago. Revenue rose to Rs3,623.5 crore from Rs3,362.3 crore, a year ago
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Mumbai: India’s largest paint maker Asian Paints Ltd posted a better-than-expected 34.4% increase in June quarter net profit, helped by a drop in raw material prices.
Net profit rose to ₹ 455.2 crore from ₹ 338.7 crore a year ago. Revenue rose by 7.8% to ₹ 3,623.5 crore from ₹ 3,362.3 crore a year ago.
A Bloomberg poll of nearly 25 analysts estimated net profit to be ₹ 408.4 crore on sales of ₹ 3,609.40 crore.
“No significant improvement in demand conditions was witnessed in the decorative coatings business in India in the quarter. Lower raw material prices aided gross margins of the business," said K.B.S. Anand, managing director and chief executive officer of Asian Paints.
He added that the company’s international business had reported a satisfactory performance aided by contribution from units in the Middle East and Ethiopia.
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