The Telegraph
Thursday , May 15 , 2014
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Asian Paints fares well

Calcutta, May 14: Asian Paints has reported a 14.46 per cent rise in consolidated net profit at Rs 287.42 crore in the fourth quarter ended March against Rs 251.1 crore a year ago.

Income from operations increased 22 per cent to Rs 3,307.1 crore from Rs 2,710 crore in the year-ago period.

For the financial year 2013-14, net profit of the paint maker rose 9.4 per cent to Rs 1,218.8 crore from Rs 1,113.9 crore in the previous fiscal.

Income from operations grew 16.2 per cent to Rs 12,714.8 crore from Rs 10,938.6 crore a year ago.

K.B.S. Anand, managing director and CEO of Asian Paints, said, “Decorative paint demand in India remained resilient despite the overall sluggish environment. We registered a double-digit volume growth with good growth from tier II and III cities. Industrial coatings business continues to be affected by the economic slowdown.”

The company has entered into the bath and wash segments after diversifying into the kitchenware market through the acquisition of a 51 per cent stake in Sleek International in August last year.

“Asian Paints has entered into a binding agreement with Ess Ess Bathroom Products and its promoters to acquire its entire front-end sales business, including brands, network and sales infrastructure, subject to certain conditions and statutory approvals,” Anand said.