Asian Paints Q1 net at Rs 338.7 crore

Company had posted a net profit of Rs 275.2 crore and net sales of Rs 2,818.53 crore in the same period of previous fiscal

Asian Paints Ltd today reported a consolidated net profit of Rs 338.7 crore on the back of net sales of Rs 3,325.39 crore for the first quarter ended June 30.

In the same period of the previous fiscal, the company had posted a net profit of Rs 275.2 crore and net sales of Rs 2,818.53 crore.

The company said the result of the quarter under review is not comparable with the corresponding quarter of the previous year as it acquired 51 per cent stake in kitchen solutions provider Sleek International Pvt Ltd in August 2013.

Overall expenses in the quarter stood at Rs 2,870.28 crore. In the first quarter of the previous year, the same stood at Rs 2,436.33 crore.

Commenting on the quarterly result, Asian Paints Managing Director and Chief Executive Officer K B S Anand said: "The decorative business registered double digit growth during the quarter with good growth across geographes...Performance of the international units were a mixed bag with units in Caribbean, UAE, Singapore and Bangladesh doing well. Operations in Egypt were affected."

Meanwhile, the company said its board has approved appointment of Abhay Vakil as an additional/ non-executive director of the company with effect from July 22, 2014.

Shares of Asian Paints closed at Rs 602.75 apiece on BSE, up 1.49 per cent from their previous close.