MUMBAI, India - Asian Paints announced its financial results for the first quarter ended June 30, 2011. The company reported an increase in net profit of 18.7 percent to Rs 263.7 crore from Rs 222.2 crore over the previous corresponding quarter. Sales and operating income increased by 23.5 percent to Rs 2260.4 crore from Rs 1830.2 crore.
“The company witnessed good growth during the quarter driven by favorable demand for decorative coatings across the country. However, demand in June has not been robust. Demand conditions for international and industrial businesses continue to be challenging” said PM Murty, MD and CEO, Asian Paints Limited.
“Input cost rose sharply necessitating price increases aggregating to 8 percent until now. The impact of these increases on demand will need to be gauged,” Murty added.
Asian Paints Reports Increased Profit, Remains Cautious
July 31, 2011