Asian Paints Q1 net up 9.37% at Rs 288 cr

Asian Paints today said its consolidated net profit rose by 9.37% to Rs 288.38 crore for the quarter ended June 30, 2012.

The company had posted a net profit of Rs 263.66 crore for the corresponding quarter previous fiscal, Asian Paints said in a filing to the BSE.

Total income from operations of the company stood at Rs 2,547.94 crore for the quarter ended June 30, 2012 as against Rs 2,265.55 crore for the year-ago period.

Commenting on the results Asian Paints Managing Director and Chief Executive officer K B S Anand said: "The decorative paints business in India did well considering the challenging of macro environment. We are witnessing downward trend in cost of raw materials but depreciation of rupee remains a concern area".

A final dividend of Rs 30.50 per equity share of the face value of Rs 10 each for the financial year 2011-2012 was approved by the shareholders and the same was paid on June 26, 2012, the company said.

"The capacity expansion from 1,50,000 KL per annum to 2,00,000 KL per annum at the company's plant at Rohtak, Haryana, was commissioned during the quarter ended on June 30, 2012," it added.

Shares of Asian Paints today closed at Rs 3,723.90 apiece on the BSE, up 2.75% from its previous close.