Asian Paints Q1 net profit down 20% YoY to Rs. 441 crore
The consolidated net profit of Asian Paints for the quarter ended June 30, 2017 reported a drop of 20.23 per cent year-on-year at Rs. 440.74 crore as against Rs. 552.56 crore in the corresponding quarter last year.
The total income of the company stood at Rs. 4306.60 crore, up by 5 per cent YoY, during the quarter under review.
Profit before tax dropped 19 per cent YoY to Rs. 645.23 in Q1FY18 as against 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.
Speaking 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).”