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Monday, January 18, 2016

Asian Paints posts net profit at Rs 463.28 cr in Dec quarter

India’s leading paint company Asian Paints Ltd on Monday reported its consolidated net profit after taxes (PAT) at Rs 463.28 crore for the third quarter ended December 31, 2015. “The consolidated PAT of the company stood at Rs 368.18 crore during the same period a year ago,” said Asian Paints Ltd in a filing to the Bombay Stock Exchange on January 18, 2016. Further, the consolidated total income of the company stood at Rs 4,195.82 crore during Q3 2015-16, as compared to Rs 3,683.09 crore during Q3 last year. Commenting on the development, Asian Paints Ltd, MD & CEO, K.B.S. Anand said, “The demand conditions in the Indian economy remained challenging. However, the decorative business recorded double digit growth in the third quarter aided by the festival season demand.” “The international business did well aided by contribution from units in Middle East. The units in Bangladesh and Ethiopia also did well,” Anand added. The net sales of the company grew to Rs 4,102.95 crore, as compared to Rs 3,602.8 crore during the same quarter last fiscal. The company said that the results of the quarter under review and the corresponding period are not comparable due to acquisition of 51 per cent stake in Ethiopia-based Kadisco Paint through its Singapore-based subsidiary Berger International. Meanwhile, shares of the company closed at Rs 850.60 apiece, down 3.29 per cent, from previous close on BSE.