New Delhi, July 27 (IANS) Asian Paints on Wednesday reported a 17.9 per cent increase in its consolidated net profit after minority interest to Rs 535 crore in this fiscal’s first quarter ended June, compared with Rs 453.7 crore in the corresponding period last year.
Its income from operations in the quarter under review grew 10.2 per cent at Rs 4,082.1 crore compared with Rs 3,703 crore in the year-ago quarter.
“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 joint venture AP-PPG while the other JV of PPG-AP saw good demand in the auto OEM and general industrial segment,” company Managing Director and CEO K.B.S. Anand said.
“Our international business performed well, aided by good growth in markets like Nepal, United Arab Emirates and Fiji,” he said.
Anand said both the segments in the home improvement category — the kitchen and bath business — delivered good topline growth in the quarter compared with the previous year.
The scrip on Wednesday closed 0.11 per cent higher at Rs 1,061.8 from the previous close.