Asian Paints net up 36% to Rs 82 cr

Asian Paints, India's largest paints company, registered a net profit (consolidated) of Rs 81.93 crore for the first quarter ended June 30, 2007 "" a rise of 36 per cent compared with Rs 60.3 crore for the same period last year. Sales and operating income for the quarter grew by 23.6 per cent to Rs 960. 5 crore from Rs 777.3 crore for the quarter ended June 30, 2006.

On a standalone basis, Asian Paints reported a 23 per cent jump in net sales and operating income (net of discounts and excise duty) at Rs 740 crore for the first quarter against Rs 603.3 crore for the same period last year. Net profit for the quarter ended 30 June, surged by 28 per cent to Rs 74.2 crore compared to Rs 57.9 crore for the corresponding period last year.

Ashwin Dani, vice chairman and MD, director, said in a statement, "Demand conditions for decorative paints continued to be good in most parts of the country. The industrial coatings business also performed very well other segments like automotive, powder and protective coatings displaying strong growth. The international business too recorded good sales growth, powered by an impressive performance by the West Asia and South Asia region." BS Reporter

However the company's stock dipped by 1.08 per cent and 2.57 per cent on NSE and BSE respectively.