Financial News

Solid earnings

December 4, 2008

Solid earnings
for asian paints in 2Q
Asian Paints has released results for the quarter ended September 30, 2008. For the quarter, net profit of the group has increased by 15.5% to Rs. 131.5 crores (~$26 million) from Rs. 113.9 crores (~$22 milion) over the previous corresponding quarter. Sales and operating income rose by 30.2% to Rs. 1,475.3 crores (~$300 million) from Rs. 1,133.2 crores (~$230 million).
“In general, demand conditions have been good and our domestic business registered an impressive revenue growth of more than 30% for the quarter. Our international operations also performed extremely well, in particular the Middle East and South Asia regions,” said Ashwin Dani, vice chairman and managing director, Asian Paints Limited. “Volatile material prices, inflationary pressures and a slowdown in the economy are causes of concern.”