“The decorative business segment in India registered low single digit growth in the quarter with demand impacted to a certain extent on the back of demonetization. The Automotive coatings JV (PPG-AP) witnessed good demand conditions in the Auto OEM segment and the Industrial Coatings JV (AP-PPG) business saw good growth in Industrial Liquid paints and powder coating segments. The international business reported good numbers specifically aided by contribution from good pick-up in demand in Nepal, Fiji and certain units in the Middle East. Performance in key market of Egypt was impacted by the devaluation of the local currency. The Kitchen business (Sleek) and Bath business (ESS ESS) in the Home Improvement category felt the impact of delayed sales on account of demonetization,” said K.B.S. Anand, Managing Director & CEO, Asian Paints Limited.
For the quarter ended December 31, 2016, on consolidation of accounts of the subsidiaries and associates of Asian Paints – Income from operations has risen by 2.6 % to 4353.99 crores from 4245.16 crores. Profit before depreciation interest and tax (PBDIT) for the group decreased by 1.2 % to 776.33 crores from 785.49 crores. Profit before Tax (PBT) increased by 3.6 % to 723.09 crores from 698.00 crores. Net Profit increased by 1.5% to 489.31 crores as compared to 482.02 crores in the previous corresponding period.