Asian Paints net profit up, hit by demonetisation
Mumbai, Jan 23 (IANS) Paints major Asian Paints on Monday posted a marginal 1.5 per cent rise in consolidated net profit to Rs 489.31 crore in the quarter ended December 31, as compared to Rs 482.02 crore in the previous corresponding period.
On consolidation of accounts of the subsidiaries and associates of the company, income from operations in the quarter under review rose 2.6 per cent to Rs 4,353.99 crore from Rs 4,245.16 crore in the year-ago period.
“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 demonetisation,” said Managing Director and CEO K.B.S. Anand.
The kitchen business and bath business (ESS ESS) in the home improvement category felt the impact of delayed sales on account of demonetisation, he added.
Anand said 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 company said.