MUMBAI: Asian Paints reported a 17% growth in standalone net profit at Rs 501.2 crore during the first quarter ended June 30, 2016, as compared to Rs 427.5 crore in the corresponding quarter last year. Income from operations has increased by 10.2% to Rs 3,407.7 crore from Rs 3,093.2 crore.
K.B.S. Anand, Managing Director & CEO, Asian Paints, said: “The decorative business segment in India registered double digit growth in the quarter. Lower raw material prices led to improved margins. Industrial business registered good growth in the industrial liquid paints category for the company’s JV, AP-PPG while the other JV, PPG-AP saw good demand in the auto OEM and general industrial segment. Our international business performed well aided by good growth in markets like Nepal, UAE and Fiji. Both the segments in the home improvement category – the kitchen (Sleek) and bath (ESS ESS) business, delivered good topline growth in the quarter as compared to the previous year.”
On a consolidated basis, Asian Paints reported 17.9% growth in net profit after minority interest for the quarter to Rs 535.0 crore from Rs 453.7 crore, while income from operations increased by 10.2% to Rs 4,082.1 crore from Rs 3,703 crore.
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