Asian Paints Q4 net profit rises by 10%; declares dividend
Asian Paints missed analysts estimated as it reported a 10% rise in its consolidated net profit for the fourth quarter ended March 2017, result.
In Q4, the company posted consolidated net profit of Rs 462.22 crore, rising by 10.40% compared to Rs 418.70 crore in the corresponding period of the previous year.
A bloomberg estimated net profit to be at Rs 469 crore in Q4.
K.B.S Anand, Managing Director of Asian Paints said, “The decorative business segment in India registered a low double digit growth in the current quarter after witnessing some recovery from the impact of demonetisation. Raw material prices have moved up over the last two quarters necessitating price increases to protect margins.”
Consolidated revenue from operations stood at Rs 4,416.23 crore, witnessing growth of 8.93% year-on-year (YoY) and 1.42% quarter-on-quarter (QoQ).
Anand added, “Good demand conditions in the auto OEM and general industrial business segment led to improved performance of the automotive coatings JV (PPG – AP). In th Industrial Coatings JV, industial liquid paints, road marketing paints and powder coatings segment registered good growth.”
EBITDA (operating profit) increased by 2.1% to Rs 711.87 crore compared to Rs 697.05 crore a year ago same period.
In its meeting held on Thursday, the company's board declared a final dividend of Rs 5.65 per share and also a special dividend of Rs 2 per share for celebrating 75 years of excellennce at Asian Paints.