On a consolidated basis, Asian Paints' net profit fell 14.77% to Rs 506 crore on 8.76% increase in net sales to Rs 4639.05 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 22 October 2018.
K.B.S. Anand, managing director & CEO, Asian Paints said that the decorative business segment in India registered a low double digit volume growth. Raw material prices continued to move up further which led the company to take a price increase from October 2018. The automotive coatings JV (PPG-AP), witnessed good growth in the general industrial business segment, while the industrial coatings JV (AP-PPG) continued to witness good growth in the protective coatings - dealer segment and the powder segment.
In the International operations, business conditions continued to remain challenging with issues like forex unavailability, high inflation and difficult economic conditions impacting performance. Both the segments in the home improvement category viz. the kitchen (Sleek) and bath (ESS ESS) business, performed well in the quarter, he added.
Bharat Heavy Electricals (Bhel) said its board will meet on 25 October 2018 to consider the proposal for buyback of the fully paid-up equity shares of the company. The announcement was made after market hours yesterday, 22 October 2018.
ITD Cementation India said it won orders valued over Rs 1066 crore from Airports Authority of India, Vizhinjam Port, Visakhapatam Port, Mumbai Metro and Rail Vikas Nigam. The announcement was made after market hours yesterday, 22 October 2018.
Syndicate Bank said it has received capital infusion of Rs 728 crore from the government in lieu of preferential allotment of shares. The announcement was made after market hours yesterday, 22 October 2018.
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Lakshmi Machine Works said it will buy back 2.66 lakh shares at Rs 6,000 each. Meanwhile, net profit of Lakshmi Machine Works fell 12.5% to Rs 40.43 crore on 34.7% increase in net sales to Rs 771.97 crore in Q2 September 2018 over Q2 September 2017. The announcement was made after market hours yesterday, 22 October 2018.
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