Asian Paints firms up after decent Q1 outcome

Asian Paints was up 2.99% to Rs 1471 at 13:55 IST on the BSE after the company's consolidated net profit rose 17.7% to Rs 655.44 crore on 16.6% increase in revenue from operations to Rs 5130.63 crore in Q1 June 2019 over Q1 June 2018.

The result was announced during trading hours today, 24 July 2019.

Meanwhile, the S&P BSE Sensex was down by 100.75 points, or 0.27% to 37,881.99.

On the BSE, 2 lakh shares were traded in the counter so far compared with average daily volumes of 48,000 shares in the past two weeks. The stock had hit a high of Rs 1474.65 and a low of Rs 1396 so far during the day. It hit a 52-week high of Rs 1529.95 on 3 April 2019 and a 52-week low of Rs 1119.60 on 23 October 2018.

Asian Paints' standalone net profit rose 20.5% to Rs 652.45 crore on 18.2% increase in revenue from operations to Rs 4380.16 crore in Q1 June 2019 over Q1 June 2018.

Asian Paints' managing director & CEO, K.B.S. Anand said The decorative business segment in India registered a high double digit volume growth and delivered strong performance across regions. The automotive coatings JV (PPG-AP) business was effected by the severe slowdown being witnessed in the automobile industry. Even the industrial coatings JV (AP-PPG) business was impacted by demand slowdown. Benign raw material prices, however, supported the margins for the entire coatings business. In the International operations, key units like Egypt and Sri Lanka continued to witness challenging business conditions impacting the overall performance. Both the segments in the home improvement category viz. the kitchen (Sleek) and bath (Ess Ess) business, performed well in the quarter."

Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world.

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