Asian Paints today reported a consolidated net profit of Rs 399 crore for the second quarter ended September 30, on account of increase in net sales.
The company had posted a net profit of Rs 347.30 crore for the corresponding period last fiscal, Asian Paints said in a regulatory filing.
Total income from operations on consolidated basis was Rs 3,779.36 crore during the quarter under review. It was Rs 3,632.95 crore for the July-September quarter last fiscal.
Asian Paints MD and Chief Executive Officer KBS Anand said: “The industrial coating JV (AP-PPG) registered good growth in the industrial liquid paints and road marketing segment. In the automotive coating business JV (PPG-AP), the auto OEM and refinish segment registered reasonable growths.”
He further added: “The international business did well aided by contribution from the units in the Middle East and in Ethiopia although Egypt and Nepal are adversely affected in the period”.
According to the company, quarterly and H1 results are not comparable with the previous periods.
“The above results include financials of Kadisco Paint and Adhesive Industry Share Company, (Ethiopia) in which the company’s wholly-owned subsidiary, Berger International Private Limited, Singapore acquired 51 per cent stake on February 9, 2015,” Asian Paints said.
Asian Paints consolidated net profit for the first half of 2015-16 was Rs 854.18 crore. It was Rs 686 crore in same period of last fiscal.
Net sales during the first half of the current fiscal was Rs 7,402.83 crore. It was Rs 6,995.19 crore a year ago.
Moreover, in a separate filing, Asian Paints said the board in a meeting today recommended an interim dividend of Rs 2.20 per equity share each for the financial year ending March 31, 2016.
Asian Paints shares settled at Rs 856.75 on BSE, up 0.09 per cent from previous close.