Asian Paints reports Q3 net profit at Rs 463 cr

The company said decorative business recorded double digit growth in the third quarter

Asian Paints today reported a consolidated net profit of Rs 463.28 crore on net sales of Rs 4,102.95 crore for the third quarter ended December 31, 2015.

The company had posted a consolidated net profit of Rs 368.18 crore and net sales of Rs 3,602.80 crore in the year-ago period, Asian Paints said in a BSE filing.

The company said results of the quarter under review and the corresponding period are not comparable due to acquisition of 51% stake in Ethiopia-based Kadisco Paint through its Singapore-based subsidiary Berger International.

Commenting on the performance, Asian Paints MD and CEO K B S Anand said: "The demand conditions in the Indian economy remained challenging. However, the decorative business recorded double digit growth in the third quarter aided by the festival season demand.
 

"The international business did well aided by contribution from units in Middle East. The units in Bangladesh and Ethiopia also did well."

Shares of Asian Paints closed 3.29% down at Rs 850.60 apiece on the BSE.