07.24.18
Asian Paints announced its financial results for the quarter ended June 30, 2018.
"The decorative paint business in India registered good double-digit volume growth..." said K.B.S. Anand, managing director and CEO. "The GST rate reduction from 28 percent to 18 percent on paints is a welcome move and should help demand from the small consumers. The company is taking steps to pass on the benefit of this rate reduction to the consumers.
"However," Anand continued, "we are seeing a continuous increase in raw material prices and expect an inflation of almost 10 percent in the second quarter."
Asian Paints said its consolidated revenue from operations for the quarter increased 15.5 percent. The consolidated net profit from continuing operations for the quarter went up 30.4 percent, the company said. The standalone net profit for the quarter increased 35.4 percent.
