NEW DELHI: Paint manufacturer Asian Paints on Tuesday reported 20.23 per cent year-on-year fall in consolidated net profit at Rs 440.74 crore for the quarter ended June 30, 2017 against Rs 552.56 crore in the corresponding quarter last year.
Shares of the company were trading 0.61 per cent down at Rs 1148.95 around 2.30 pm (IST). The scrip touched a high and low of Rs 1161 and Rs 1140.25, respectively, in trade so far.
Total income of the company increased by 5 per cent YoY to Rs 4306.60 crore during the quarter under review. It had reported total income of Rs 4103.56 crore in the same period last year.
Profit before tax slipped 19 per cent YoY to Rs 645.23 in Q1FY18 over Rs 797.34 in Q1FY17.
Segment-wise, revenue from paints increased by 5 per cent YoY, while revenue from home improvement declined by 3.69 per cent YoY during April-June period.
Commenting on the financial results for the first quarter ended June 30, 2017, KBS Anand, Managing Director and CEO, Asian Paints said, “The decorative business in India registered low single-digit volume growth in the current quarter with the business getting impacted especially in the month of June due to GST roll-out from July 1. On a sequential basis, material prices continued to witness an upward trend in the quarter thereby squeezing margins. Good demand conditions in the auto OEM and general industrial business segment led to improved performance of the automotive coatings JV (PPG-AP).”