Asian Paints Q1 profit down 4.57% at Rs 275 crore

Asian Paints today reported a decline of 4.57% in its consolidated net profit at Rs 275.20 crore for the first quarter ended June 30, 2013.

 

The company had posted a consolidated net profit of Rs 288.38 crore in the same period of previous fiscal, Asian Paints said in a filing to the BSE.

 

Consolidated net sales of the company stood at Rs 2,818.16 crore in the April-June quarter, compared to Rs 2,537.34 crore during the same period of previous fiscal.

 

"The decorative paints business in India did well considering the challenging and uncertain macro environment. Paints volume grew in double digit, raw material prices were by and large stable with a softening bias but were affected by the depreciation of rupee," Asian Paints Managing Director & CEO K B S Anand said.

 

The industrial paints segment continued to be affected by the economic slowdown, while automotive coating growth was subdued due to lower demand in the auto sector, he added.

 

"International business registered good growth. Middle East and Asia have done well though some countries continued to be affected by political events and macro economic uncertainty," Anand said.

 

The company's shares were trading at Rs 5,076 apiece during the afternoon trade, down 1.69% from their previous close, on the BSE.