Asian Paints consolidated net profit at Rs.713.93 million, international business grows 30%

Asian Paints Ltd has announced the following Audited results for the quarter ended December 31, 2006:

The Company has posted a net profit after prior period items of Rs 653.15 million for the quarter ended December 31, 2006 as compared to Rs 609.59 million for the quarter ended December 31, 2005. Total Income (net of discounts & excise) has increased from Rs 6337.54 million for the quarter ended December 31, 2005 to Rs 7167.50 million for the quarter ended December 31, 2006.

The Unaudited Consolidated Results are as follows:

The Group has posted a net profit attributable to shareholders of Rs 713.93 million for the quarter ended December 31, 2006 as compared to Rs 626.32 million for the quarter ended December 31, 2005. Total Income (net of discounts & excise) has increased from Rs 8103.39 million for the quarter ended December 31, 2005 to Rs 9432.77 million for the quarter ended December 31, 2006.

Commenting on the results, Mr. Ashwin Dani, Vice Chairman & Managing Director of the Company, said "The performance of the Indian paints business has been good during the quarter. Due to bulk of the festival sales taking place in the second quarter, sales growth in India for this quarter was modest in relation to the previous quarters and was entirely expected. Demand conditions after Diwali continue to be good. The Company effected a price increase in mid-January for its Decorative coatings products. We remain optimistic regarding sales growth in the fourth quarter. The international business has grown in excess of 30% for the quarter due to an excellent performance by the Middle East region.

Source : Equity Bulls

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