For the full year, Asian Paints reported higher net profit at Rs1,169 crore due to robust sales growth. Its shares hits a new 52-week high on Thursday only to fall 5% later
Asian Paints Ltd, India's largest paint manufacturer, posted a higher full year net profit mainly on robust sales. Asian Paints hit a new 52-week high at Rs565 on the BSE today.
For the 12 month to end-March, Asian Paints said its stand alone net profit increased 11.3% to Rs1,169.1 crore from Rs1,050 crore while its total revenues, including sales, grew 16.3% to Rs10,418.8 crore from Rs8,960.1 crore a year ago period.
“Decorative paint demand in India remained resilient in spite of the overall sluggish environment. We registered double digit volume growth with good growth from Tier 2 & Tier 3 cities,” said KBS Anand, managing director and chief executive officer, Asian Paints in a release.
For the quarter to end-March, Asian Paints said its stand alone net profit increased 11.5% to Rs267.1 crore from Rs239.6 crore while its total revenues, including sales, rose 22.2% to Rs2,724 crore from Rs2,229.6 crore, same period last year.
“Industrial coatings business continues to be affected by the economic slowdown. Automotive coatings growth was subdued due to poor demand in the automotive sector. International business performed well led by good growth in some key markets like Bangladesh, Nepal and Emirates. However, performance in some markets was impacted by continued political unrest and weak economic activity. In order to expand its international presence, Asian Paints had entered into an agreement with Kadisco Chemical Industry Plc, Ethiopia to acquire 51% of its share capital,” Anand added.
As on 31 March 2014, FII shareholding in Asian Paints fell to 17.97% from 19.44%, public shareholding fell to 19.88% from 19.90%, while DII shareholding increased to 9.36% from 7.87%. The promoter's shareholding stood at 52.19%.
Asian Paints declared a final dividend of Rs4.20 per share. During the year Asian Paints split its shares from face value of Rs10 to Rs1 each.
Asian Paints closed Thursday 4.9% down at Rs529 after hitting its 52-week high at Rs565 during early trade on the BSE. The S&P BSE Sensex ended the day flat at 23,836.
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