Asian Paints rose 1.41% to Rs 602.25 at 15:11 IST on BSE after the company reported good Q1 June 2014 results during trading hours today, 22 July 2014.
Meanwhile, the BSE Sensex was up 323.19 points, or 1.26%, to 26,038.36.
On BSE, so far 3.03 lakh shares were traded in the counter, compared with an average volume of 94,319 shares in the past one quarter.
The stock hit a high of Rs 610.60 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 593 so far during the day. The stock hit a 52-week low of Rs 376.35 on 28 August 2013.
The stock had outperformed the market over the past one month till 21 July 2014, rising 4.81% compared with 2.43% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 10.05% as against Sensex's 12.96% rise.
The large-cap company has an equity capital of Rs 95.92 crore. Face value per share is Re 1.
On a consolidated basis, Asian Paints net profit rose 23.07% to Rs 338.70 crore on 18.85% increase in total income to Rs 3409.55 crore in Q1 June 2014 over Q1 June 2013. Income from operations increased by 18.3% to Rs 3362.20 crore in Q1 June 2014 over Q1 June 2013. Profit before depreciation, interest, and taxes (PBDIT) (before exceptional item) increased by 19.8% to Rs 556.50 crore in Q1 June 2014 over Q1 June 2013.
The Q1 June 2014 results include consolidated financials of Sleek International, in which the company obtained 51% stake on 8 August 2013. In view of this, the results for the quarter ended 30 June 2014 are not comparable with the corresponding previous period, the company said in a statement.
"The decorative business registered double digit growth during the quarter with good growth across geographies. The automotive coatings JV (PPG-AP), saw good growth in the general industrial segment and refinish segments while the automotive segment demand was subdued. The industrial coatings JV (AP-PPG), which had seen a decline in the previous year, saw good volume growth in the industrial liquid paints and road marking business. Performance of the international units were a mixed bag with units in Caribbean, UAE, Singapore and Bangladesh doing well. Operations in Egypt were affected due to weak business sentiment in the country," said K.B.S. Anand, Managing Director & CEO, Asian Paints.
"The Sleek business performed well during the quarter with new dealer openings in certain geographies. During the quarter, Asian Paints has acquired the front end sales business (including brands, network and sales infrastructure) of Ess Ess Bathroom Products, a prominent player in the bath and wash segment in India," he added.
Asian Paints is India's largest and Asia's third largest paint company. Asian Paints operates in 17 countries and has 25 paint manufacturing facilities in the world servicing consumers in over 65 countries.
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