Paint manufacturer Asian Paints on Tuesday reported a 20.23 per cent fall in its consolidated net profit at Rs 440.74 crore for the quarter ended June 30, 2017 as compared to Rs 552.56 crore in the corresponding quarter last year.
Its total income increased by nearly 5 per cent to Rs 4,306.60 crore during the quarter under review as against Rs 4,103.56 crore in the same period last year.
"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 roll-out from July 1," said its Managing Director and CEO K.B.S. Anand.
"Good demand conditions in the auto original equipment manufacturer and general industrial business segment led to improved performance of the automotive coatings JV. In the industrial coatings JV, Industrial Liquid Paints segment registered good growth," he said.
"In the international operations, units in Nepal, Bangladesh and Oman witnessed good topline growth. However, currency devaluation in Egypt and forex unavailability in Ethiopia, impacted the overall performance of International operations," Anand said.
Both the segments within the home improvement business - the Kitchen business under Sleek and the bath business under Ess Ess, registered low growth in the quarter, mainly impacted by GST transition effect, he added.
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