Asian Paints Q1 net profit rises 18 per cent to Rs 672.09 crore

PTI New Delhi | Updated on July 24, 2019

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The company had reported a net profit of Rs 570.02 crore in the year-ago period

Asian Paints on Wednesday reported a 17.90 per cent increase in consolidated net profit at Rs 672.09 crore for the first quarter ended June 30.

The company had reported a net profit of Rs 570.02 crore in the year-ago period.

The total income for the June 2019 quarter stood at Rs 5,204.19 crore, up 16.67 per cent, as against Rs 4,460.25 crore in June quarter of the previous year, Asian Paints said in a filing to the Bombay Stock Exchange (BSE).

“The decorative business segment in India registered a high double-digit volume growth and delivered strong performance across regions,” Asian Paints managing director (MD) and chief executive officer (CEO) KBS Anand said.

The automotive coatings JV business was effected by the severe slowdown being witnessed in the automobile industry. Even the industrial coatings JV business was impacted by demand slowdown, Anand added.

Benign raw material prices, however, supported the margins for the entire coatings business, he said.

“In the international operations, key units like Egypt and Sri Lanka continued to witness challenging business conditions impacting the overall performance,” he added.

Shares of Asian Paints were trading 1.10 per cent higher at Rs 1,444 apiece on the BSE.

Published on July 24, 2019

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