Asian Paints Q2 profit up 37 pct at Rs 326.84 cr

PTI Posted online: Monday, Oct 21, 2013 at 0000 hrs
New Delhi : Asian Paints today reported an increase of 36.66 per cent in consolidated net profit at Rs 326.84 crore for its second quarter ended September 30.

The company had posted a consolidated net profit of Rs 239.16 crore in the same period of previous fiscal, Asian Paints said in a filing to the BSE.

Consolidated net sales of the company during July-September quarter of the current fiscal were Rs 3,084.06 crore, compared to Rs 2,612.41 crore in the year-ago period.

"The decorative paints business in India fared very well and registered double digit volume growth. Good growth witnessed across geographies especially in tier 2 and tier 3 cities," Asian Paints Managing Director & CEO KBS Anand said.

The industrial paints segment continued to be affected by the economic slowdown, while automotive coating growth was subdued due to lower demand in the auto sector, he added.

"The international business registered good growth with the volumes sales exceeding 1 lac KL mark in the first six months of FY 2014. Middle East and Asia have done well though some countries continued to be affected by political events and macro economic uncertainty," Anand said.

For the first half of the 2013-14 fiscal, Asian Paints consolidated net profit increased by 14.12 per cent to Rs 602.04 crore, as against Rs 527.54 crore in the year-ago period.

Consolidated net sales in H1, April-September, also increased to Rs 5,902.59 crore as against Rs 5,149.80 crore in the same period last year.

The company scrip closed at Rs 516.50, up 6.07 per cent from its previous close, on the BSE.