Asian Paints Q2 net profit up 7.54% at Rs 526 cr

Asian Paints today reported a 7.54 per cent increase in consolidated net profit to Rs 526.19 crore for the second quarter ended September 30.
The company had posted a net profit of Rs 489.26 crore for the same period of previous fiscal.
Revenue from operations of the company stood at Rs 4,274.18 crore for the second quarter compared to Rs 4,178.61 crore in the same period last fiscal, it said in a regulatory filing.
Asian Paints said consequent to implementation of GST (Goods and Services Tax), taxes such as excise duties, VAT have been subsumed in GST.
"In accordance with Indian Accounting Standards- 18 on Revenue and Schedule III of the Companies Act, 2013, unlike excise duties, levies like GST, VAT are not part of revenue. Accordingly, for operations in India the figures for the period up to June 30, 2017 are not strictly relatable to those thereafter," it added.

The company said excise duty on sales in the corresponding quarter a year ago stood at Rs 420.95 crore.
Shares of Asian Paints closed 4.76 per cent higher at Rs 1,228.20 apiece on the BSE.