Asian Paints Q2 net down 14.7% to Rs 506 crore

Asian Paints Monday reported a 14.76 per cent fall in its consolidated net profit at Rs 506 crore for the September 2018 quarter.

The company had posted a net profit of Rs 593.66 crore in the July-September quarter a year ago, Asian Paints said in a BSE filing.

However, its total income moved up by 8.66 per cent to Rs 4,702.37 crore during the quarter under review as against Rs 4,327.58 crore in the corresponding quarter of the previous year.

Its total expenses were at Rs 3,961.76 crore as against Rs 3,570.73 crore, up 11 per cent.

"The decorative business segment in India registered a low double digit volume growth. Raw material prices continued to move up further which has led us to take a price increase from October 2018," the company said in a BSE filing.

During the quarter, its revenue from paints segment stood at Rs 4,537.06 crore and Rs 101.99 crore from home improvement.

The board of director in a meeting Monday approved an interim dividend of Rs 2.85 per equity share of the face value of one rupee for the current fiscal, the company said in a statement.

The board also approved appointment of Manish Choksi as non-executive director effective from Monday.

Shares of Asian Paints Monday closed at Rs 1,201.45 per share on the BSE, down 2.95 per cent from its previous close.