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Asian Paints has announced its financial results for Q1 ended June 30, 2014.
"The Decorative business registered double digit growth during the quarter with good growth across geographies. The Automotive coatings JV (PPG-AP), saw good growth in the General Industrial segment and Refinish segments, while the Automotive segment demand was subdued. The Industrial Coatings JV (AP-PPG), which had seen a decline in the previous year, saw good volume growth in the Industrial Liquid Paints and Road Marking business. Performance of the International units were a mixed bag with units in Caribbean, UAE, Singapore and Bangladesh doing well. Operations in Egypt were affected due to weak business sentiment in the country,” said KBS Anand, Managing Director & CEO, Asian Paints Limited.
"The Sleek business performed well during the quarter with new dealer openings in certain geographies. During the quarter, Asian Paints has acquired the front end sales business (including brands, network and sales infrastructure) of Ess Ess Bathroom Products Pvt Ltd, a prominent player in the bath and wash segment in India,” he added.
Consolidated results for Q1-FY’2015: Income from Operations increased by 18.3% to 3362.2 crores from 2841.1 crores. PBDIT (before exceptional item) for the quarter increased by 19.8% to 556.5 crores compared to 464.7 crores yr-on-yr. Net Profit after Minority Interest for the quarter increased by 23.1% to 338.7 crores from 275.2 crores.
Standalone Results: Q1-FY’2015: Income from operations has increased by 18.2% to 2740.7 crores from 2319.7 crores. PBDIT (before exceptional item) increased by 14.2% to 538.5 crores.