Asian Paints profit down by 1.8% in Q3 2013-14

Asian Paints Ltd reported decrease in consolidated Net Profit after Minority Interest (PBT) by 1.8% to Rs 329.4 crores for the quarter ended December 31, 2013 compared to Rs 335.2 crores same period last year. However, the company’s consolidated income from operations rose by 13.2% to Rs 3,451.9 crores for September-December 2013 quarter from Rs 3,049.6 crores. “The decorative paints business in India did well considering the challenging and uncertain macro environment. Raw material prices were marginally higher in the third quarter,” commented K B S Anand, Managing Director & CEO, Asian Paints Ltd.
 
He added, “Industrial paints segment continued to be impacted by sluggish manufacturing environment in the economy, with no major capex activity. Automotive coatings growth was affected due to the subdued demand in the automotive sector. International business registered good growth. Middle East and Asia have done well even though some countries continued to be affected by political events and macro economic uncertainty.”
 
For the nine months ended December 31, 2013, Asian Paints Group’s income from operations increased by 14.3% to Rs 9,407.7 crores from Rs 8,228.6 crores in the same period last year. Net Profit after Minority Interest also increased in the first nine months of this fiscal year by 8% to Rs 931.4 crores as compared to Rs 862.8 crores in the previous corresponding period.