Asian Paints net up 9 per cent to Rs 106 crore

Our Corporate Bureau

Mumbai, June 6: ASIAN Paints (India) Ltd has registered an increase of 9.3 per cent in net profit to Rs 106.39 crore for the financial year ended March 31, 2001 as against Rs 97.34 crore for the last fiscal. Net sales stood at Rs 1,196.54 crore, an increase of 12.2 per cent over Rs 1,066.17 crore in the last fiscal.

The board of directors of the company have approved the payment of final dividend of Rs 4 per share for the financial year. The total dividend announced by the company for the financial year is Rs 7 per share. The company had earlier declared the first interim dividend of Rs 3 per share in October 2000. The dividend announced is on the increased share capital.

The company’s equity capital has increased to Rs 64.19 crore in the current financial year, as a result of the bonus announced in May 2000. The bonus was in the ratio of 3:5.

According to Asian Paints vice-chairman and managing director Ashwin Dani,” The earthquake in Gujarat and drought in certain states of the country has significantly affected paint demand. Inspite of these odds, Asian Paints has posted a good growth in sales volumes due to its initiatives in new segments and its effort to upgrade the paint market.”

The decorative business has performed well during the year with sales in the wall finish segment performing well, registering an increase of over 11 per cent.

During the year, Asian Paints completed the national roll-out of its premium polyurethane wood finish product “OPAL”. The industrial segment has performed well with the CRP segment recording an 18 per cent increase in value sales. The company’s chemical business witnessed good growth rates.

The company’s Mauritius venture has begun exports to the African markets and its Oman
unit has begun exports to the neighbouring middle-east countries.