Asian Paints' Q3 consolidated net profit up 21.6%

Asian Paints on Monday said its consolidated net profit after non-controlling interest (from continuing operations) rose by 21.6 per cent to Rs 554.64 crore during the third quarter (Q3) ended December 31, 2017, from Rs 456.18 crore reported during a year-ago period.

The company's consolidated revenue from operations edged higher by 10.9 per cent to Rs 4,267.49 crore during the quarter under review from Rs 3,846.53 crore reported during the corresponding period of last fiscal.

"The decorative paint business in India registered single-digit volume growth in the current quarter," K.B.S. Anand, Managing Director and CEO of Asian Paints, said in a statement.

"The automotive coatings JV (PPG-AP), witnessed good growth in the auto OEM, auto refurnish and general industrial business segment; whereas good growth in the powder coatings segment led to decent performance of the Industrial Coatings JV," he added.

According to Anand, units in Bangladesh, Oman, Bahrain and Nepal witnessed good growth.

"However, the international group performance was impacted by adverse exchange fluctuations in some key markets," he added.

On a standalone basis, the paint company's Q3 net profit surged by 24.2 per cent to Rs 528.97 crore compared with Rs 425.83 crore reported during Q3 2016-17.

Revenue from operations for the reviewed quarter stood at Rs 3,587.43 crore -- up 11.3 per cent -- from Rs 3,222.32 crore during the like period of last fiscal.

On Monday, the company shares closed 1.40 per cent lower at Rs 1,176.70 on the BSE.

--IANS

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