Asian Paints Q2 net up over 18% to Rs 495 crore

Asian Paints today reported an 18.11 per cent increase in consolidated net profit at Rs 494.76 crore for the September quarter, driven by robust growth in its decorative business segment.
The company had posted a net profit of Rs 418.87 crore in the July-September quarter of the previous fiscal, Asian Paints said in a filing to the BSE.
Asian Paints' total income from operation on consolidated basis was up 10.23 per cent to Rs 4,232.46 crore during the quarter under review as against Rs 3,839.66 crore in the corresponding period last fiscal.
"The decorative business segment in India registered a double digit growth in the quarter. However, a prolonged monsoon did affect demand in west and central India. Good demand condition in the auto OEM and general industrial business segment led to improved performance of the automotive coating JV (PPG-AP)," said Asian Paints MD & CEO K B S Anand.

The international business reported good numbers specifically aided by contribution from good pick-up in demand in Nepal, Fiji and certain units in the Middle East, he further added.
Its total expenses were up 9.22 per cent to Rs 3,603.83 crore as against Rs 3,299.32 crore.

In the first-half of the current fiscal, Asian Paints' consolidated standalone net profit was up 18.30 per cent to Rs 1,047.32 crore as against Rs 885.29 crore in the six-month period a year ago.
Asian Paints' total income in first half of the current fiscal was also up 10.23 cent to Rs 8,314.54 crore compared to Rs 7,542.70 crore in the same period last year.

Meanwhile in a separate filing, Asian Paints informed that its board in a meeting held today "considered and approved" payment of interim dividend of Rs 2.65 per equity share of the face value of Re 1 each for the financial year ending March 31, 2017.
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Meanwhile, in a separate filing, Asian Paints informed BSE that its board in a meeting held today approved the scheme of amalgamation of Asian Paints (International) Ltd, Mauritius with Asian Paints Limited.
Asian Paints (International) Ltd is a wholly owned subsidiary of the company.
"The Scheme will come into effect subject to the approval from the Stock Exchanges, Bombay High Court and such other statutory authorities as may be required in India and Mauritius," the company said.

The proposed scheme has been reviewed and recommended for approval by the audit committee of the board of the company at its meeting held on October 24, 2016.