Asian Paints net up 15.5% to Rs 131.5cr

Asian Paints net up 15.5% to Rs 131.5cr

BS REPORTER
Mumbai, 24 October

Asian Paints reported a net profit of Rs 131.5 crore for the second quarter ended September 30, 2008 a growth of 15.5 per cent from Rs 113.9 crore over the previous corresponding quarter.

Revenue for the quarter rose 30.2 per cent to touch Rs 1,475.3 crore from Rs 1,133.2 crore.

“In general, demand conditions have been good and our domestic business registered an impressive revenue growth of over 30 per cent for the quarter. Our international operations also performed extremely well, in particular the Middle-East and South Asia regions,” said Ashwin Dani, vice chairman and managing director, Asian Paints.

“Volatile material prices, inflationary pressures and slowdown in the economy are causes of concern,” he added.

The board of directors recommended the payment of an interim dividend of Rs 6.50 per share (65 per cent). The company distributed an interim dividend of 65 per cent for first half of the financial year 2008. Total dividend of 170 per cent was distributed in FY 2008. The dividend payout ratio was 50.85 per cent in FY2008.