Asian Paints net rises 18.7% in Q1

Written by fe Bureau | Updated: Jul 23 2014, 08:04am hrs
Beating market estimates, FMCG major Asian Paints on Tuesday reported a 18.7% increase in its consolidated net profit at R338.7 crore for the first quarter ended June 30, 2014 compared to R275.2 crore in the year-ago period.

The company's net sales rose to R3325.39 crore in Q1FY15 as against R2818.53 crore in the corresponding quarter last fiscal.

The company said the result of the quarter under review is not comparable with the corresponding quarter of the previous year as it acquired 51% stake in kitchen solutions provider Sleek International in August 2013.

With a consolidated turnover of R12,714.8 crore, Asian Paints along with its subsidiaries have operations in 17 countries across the world.

Announcing the results, KBS Anand, managing director & CEO of Asian Paints said, ''The Industrial Coatings JV (AP-PPG), which had seen a decline in the previous year, saw good volume growth in the industrial liquid paints and road marking business.