Asian Paints Q1 net at Rs 455.18 crore

Asian Paints today reported a consolidated net profit of Rs 455.18 crore on higher net sales of Rs 3,577.97 crore for the first quarter ended June 30, 2015.

In the same period of the previous fiscal, the company posted a net profit of Rs 338.70 crore and net sales of Rs 3,325.42 crore.

The company said the result of the reported quarter is not comparable with the corresponding quarter of the previous year as it acquired 51% stake in Kadisco Paint and Adhesive Industry Share Company (Ethiopia) in February 2015.

Overall expenses in the quarter stood at Rs 3,009.25 crore. In the first quarter of the previous year, the same stood at Rs 2,875.41 crore.

"No significant improvement in demand conditions witnessed in the decorative coatings business in India in the quarter...The international business reported satisfactory performance aided by contribution from units in the Middle East and in Ethiopia," Asian Paints MD and CEO KBS Anand said.

Meanwhile, Asian Paints (International) Ltd, Mauritius - a wholly owned subsidiary of the company - has transferred its entire holding of 89.78% in its subsidiary, Asian Paints Bangladesh Ltd, to Berger International Ltd, Singapore.

Shares of Asian Paints were trading at Rs 841.75 apiece on BSE, down 1.19% from their previous close.