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Asian Paints net profit grows 14%

Calcutta, Oct. 30: Asian Paints today reported a 13.6 per cent growth in its net profit on the back of a 16.4 per cent rise in income in the quarter ended September 30.

The country’s leading paints company posted a net profit of Rs 46.92 crore during the quarter — Rs 5.62 crore higher than the corresponding quarter of 2002-03.

Its profit for the quarter translates into an earning per share (EPS) of Rs 4.86. The EPS in the corresponding quarter of 2002-03 was Rs 6.44.

The dip in EPS this year despite growth in profits was on account of expansion in capital base — the company had issued bonus shares earlier this year.

Asian Paints’ income during the quarter at Rs 499.64 crore was a little over Rs 70 crore higher than last year. The company is paying an interim dividend of Rs 3.50 per share.

ITC Hotels flourishes

ITC Hotels’ income during the quarter ended September 30 grew a third compared with last year to Rs 33.12 crore. The company registered a profit of Rs 75 lakh during the quarter as against a loss of Rs 4.41 crore in the corresponding period of 2002-03. Its total income in the first six months of the current year at Rs 64.24 crore was 29 per cent higher than last year. Its Rs 1.34 crore profit in the first half of the current year crore translates into an EPS of 45 paise.

ICI India fares well

Paints major ICI India today reported a 12 per cent growth in sales and a 20 per cent jump in operating profit from continuing businesses in the quarter ended September 30.

ICI earned Rs 180 crore in revenues and posted a net profit of Rs 6.83 crore during the quarter. The company’s EPS for the quarter was Rs 1.67 compared with Rs 4.83 for the corresponding period of last year.

The figures for the current year are not comparable with last year’s in view of the divestment of the Synetix business in November 2002.

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