Decorative coatings company Asian Paints on Thursday reported an increase of 10.4 per cent in its consolidated net profit for the fourth quarter (Q4) of 2016-17.
According to the company, its consolidated net profit during the quarter under review increased to Rs 462.22 crore from Rs 418.70 crore in the corresponding period of 2015-16.
Asian Paints' consolidated revenue from operations (on consolidation of accounts of the subsidiaries and associate of Asian Paints) during the quarter under review rose by 8.9 per cent to Rs 4,416.23 crore from Rs 4,053.83 crore.
"The decorative business segment in India registered a low double digit growth in the current quarter after witnessing some recovery from the impact of demonetisation. Raw material prices have moved up over the last two quarters necessitating price increases to protect margins," K.B.S. Anand, Managing Director and CEO, Asian Paints was quoted as saying in a statement.
"Good demand conditions in the auto OEM and general industrial business segment led to improved performance of the automotive coatings JV (PPG-AP). In the industrial coatings JV (AP-PPG), industrial liquid paints, road marking paints and powder coatings segment registered good growth."
"Our international business performed well aided by strong performance in markets like Nepal, Jamaica, Fiji, Oman and Bahrain. Both the segments in the Home Improvement category viz. the kitchen (sleek) and bath (ESS ESS) business, delivered good top line growth in the quarter."
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On a full financial year 2016-17 basis, Asian Paints reported a 11.1 per cent increase in its consolidated net profit (after minority interest) to Rs 1,939.42 crore from Rs 1,745.16 crore in 2015-16.
The company's consolidated group revenue from operations during the fiscal under review increased by 7.8 per cent to Rs 17,084.76 crore from Rs 15,841.69 crore.
The company's Board of Directors has recommended a final dividend of Rs 5.65 per equity share. The board has further recommended a one-time special dividend of Rs 2 per equity share of the face value of Rs 1 each for celebrating "75 years of Excellence at Asian Paints".
In addition, Asian Paints' approved the reappointment of K.B.S Anand as Managing Director and CEO of the company for a further period of two years with effect from April 1, 2018, subject to shareholders' approval.
--IANS
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