"No significant improvement in demand conditions witnessed in the decorative coatings business in India in the Quarter. Lower raw material prices aided gross margins of the business. The growth in the Industrial coatings JV (AP-PPG) was led by a good demand in Industrial Liquid Paints and Powder coatings segment. The Automotive coatings JV (PPG-AP) witnessed subdued demand conditions both in the General Industrial as well as Auto OEM segment. The Auto Refinish segment registered decent growth. The international business reported satisfactory performance aided by contribution from the units in Middle East and in Ethiopia” said K.B.S. Anand, Managing Director & CEO, Asian Paints Limited.
“In the Home Improvement Business category, the Kitchen (Sleek) and Bath (ESS ESS) businesses has been impacted by subdued demand conditions” he added.
Consolidated Results: Q1-FY’2016: For the quarter ended June 30, 2015, on consolidation of accounts of the subsidiaries and joint ventures of Asian Paints – Income from Operations increased by 7.8 % to 3623.5 crores from 3362.3 crores. PBDIT (before exceptional item) for the quarter increased by 24 % to 683.5 crores as compared to 551.4 crores of the previous year. Net Profit after Minority Interest for the quarter increased by 34.4 % to 455.2 crores from 338.7 crores.
Standalone Results: Q1-FY’2016: For the quarter ended June 30, 2015, Income from Operations has increased by 7.2 % to 2938.2 crores from 2740.8 crores. PBDIT (before exceptional item) for the quarter increased by 25.1 % to 605.9 crores from 484.5 crores. Net Profit for the quarter increased by 38.5 % to 427.8 crores from ` 308.8 crores.