Asian Paints Q1 net down 20% at Rs 441 cr, on GST rollout, higher expenses

Asian Paints had posted a net profit of Rs 552.56 crore in the same period of previous fiscal

Asian Paints on Tuesday reported 20.23 per cent decline in consolidated net profit to Rs 440.74 crore for the first quarter ended June 30, mainly on account of higher expenses.

The company had posted a net profit of Rs 552.56 crore in the same period of previous fiscal, Asian Paints said in a BSE filing.

The company's total expenses during the June quarter increased by 10.74 per cent to Rs 3,661.37 crore, compared to Rs 3,306.22 crore during the same period last fiscal.

Its total income from operations, however, was up 4.94 per cent at Rs 4,306.60 crore in the quarter under review, as against Rs 4,103.56 crore in the corresponding quarter last fiscal.

"The decorative business in India registered low single digit volume growth in the current quarter with the business getting impacted, especially in the month of June due to GST rollout from July 1," Asian Paints Managing Director and CEO K B S Anand said.

On standalone basis, the company recorded a net profit of Rs 400.95 crore, compared to Rs 501.18 crore in the year ago period.

Shares of the company were trading at Rs 1,156.50 apiece on BSE, up 0.04 per cent from previous close.