Asian Paints has moved higher by 8% to Rs 526, also its record high on BSE, after reporting a better than expected 37% year on year (yoy) jump in consolidated net profit after minority interest at Rs 327 crore for the second quarter ended September 2013 (Q2) on back of strong volume growth. The company had profit of Rs 239 crore in a year ago quarter.
The company’s income from operations grew 18% yoy at Rs 3,115 crore, while operating profit by 34% yoy at Rs 511 crore during the recently concluded quarter, Asian Paints said in a statement.
Analyst on an average had expected net profit of Rs 262 crore and net sales of Rs 2,960 crore from the paint maker.
Meanwhile, the board of directors of the company has recommended payment of interim dividend of Rs 1.10 per equity share of the face value of Rs 1 each for the financial year ending March 31, 2014.
The stock opened at Rs 489 and has seen a combined around 4.87 million shares changing hands on the counter till late noon deals on BSE and NSE.
The company’s income from operations grew 18% yoy at Rs 3,115 crore, while operating profit by 34% yoy at Rs 511 crore during the recently concluded quarter, Asian Paints said in a statement.
Analyst on an average had expected net profit of Rs 262 crore and net sales of Rs 2,960 crore from the paint maker.
Meanwhile, the board of directors of the company has recommended payment of interim dividend of Rs 1.10 per equity share of the face value of Rs 1 each for the financial year ending March 31, 2014.
The stock opened at Rs 489 and has seen a combined around 4.87 million shares changing hands on the counter till late noon deals on BSE and NSE.