Asian Paints has announced its financial results for the first quarter ended June 30, 2014.
"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 Limited.
“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 Pvt Ltd, a prominent player in the bath and wash segment in India” he added.
Consolidated Results: Q1-FY’2015: For the quarter ended June 30, 2014, on consolidation of accounts of the subsidiaries and joint ventures of Asian Paints – Income from Operations increased by 18.3 percent to ` 3,362.2 crores from ` 2,841.1 crores. PBDIT (before exceptional item) for the quarter increased by 19.8 percent to ` 556.5 crores as compared to ` 464.7 crores of the previous year. Net Profit after Minority Interest for the quarter increased by 23.1 percent to ` 338.7 crores from ` 275.2 crores.
Standalone Results: Q1-FY’2015: For the quarter ended June 30, 2014, Income from Operations has increased by 18.2 percent to ` 2740.7 crores from ` 2319.7 crores. PBDIT (before exceptional item) for the quarter increased by 14.2 percent to ` 538.5 crores from ` 471.3 crores. Other Income for the quarter ended 30th June 2013 and year ended 31st March 2014 included ` 25.75 crores of dividend received from its wholly owned subsidiary, Asian Paints International Limited, Mauritius. Net Profit on a Standalone basis for the quarter ended June 30, 2014 increased by 8.8 percent to ` 308.8 crores from ` 283.9 crores.