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Asian Paints has announced its financial results for the quarter and nine months ended December 31, 2013.
"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,” said K B S Anand, MD & CEO, Asian Paints Limited. "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,” he added.
For the quarter ended December 31, 2013, income from operations rose by 13.2% to 3451.9 crores. Profit before depreciation interest and tax (PBDIT) for the group increased by 4.8% to 567.4 crores from 541.3 crores. Net Profit after minority interest decreased by 1.8% to 329.4 crores as compared to 335.2 yr-on-yr. Profit Before Tax (PBT) decreased by 0.6% to 494.1 crores from 496.9 crores. For the nine months ended December 31, income from operations increased by 14.3%.