Asian Paints Q4 net profit up 19.9 percent

Mumbai, May 11 (IANS) Asian Paints’ consolidated net profit increased 19.9 percent to Rs.408.8 crore in the quarter ended March 2016 as against Rs.341 crore in the corresponding quarter last year, the company said on Wednesday.

The paint maker’s income from operations rose 12.3 percent to Rs.3971.3 crore in the quarter under review as against Rs.3535 crore in the fourth quarter last year.

“The decorative business segment in India registered double digit volume growth in the fourth quarter. Lower raw material prices aided gross margins,” said the company’s Managing Director and Chief Executive Officer KBS Anand.

He said that the auto OEM segment in the automotive coatings saw good pick up in demand, while its international business registered good performance on the back of growth in the Middle East and Bangladesh.

The company will focus on expanding the kitchen and bath business, the paint major said in a statement.

The company posted a 23.7 percent rise in its consolidated net profit to Rs.1726.2 crore in 2015-16 as compared to Rs.1395.2 crore in 2014-15.

The company’s scrip on Wednesday closed at Rs.907.40, up 0.97 percent at the Bombay Stock Exchange (BSE) from the previous close.



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