Asian Paints shares gain over 4% after Q2 earnings

The decorative business registered high single digit growth.

New Delhi, Oct 24 Asian Paints scrip today went up by over 4 per cent after the company reported 7.54 per cent increase in consolidated net profit for the second quarter ended September 30. This segment was impacted by destocking due to GST.

Asian Paints' second quarter profit grew by 20 percent year-on-year to Rs 593.66 crore, including discontinued operations.

"In accordance with Indian Accounting Standards- 18 on Revenue and Schedule III of the Companies Act, 2013, unlike excise duties, levies like GST, VAT are not part of revenue".

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Revenue for the quarter rose 13.7 per cent to Rs 4,274.18 crore, compared with Rs 3,757.66 crore in corresponding quarter of previous year.

Profit before depreciation interest and tax (PBDIT) for the group increased by 13.6% to 801.13 crores from Rs 705.41 crores. "On a sequential basis, material prices remained stable, helped to an extent by the strong currency", said KBS Anand, managing director and CEO, Asian Paints.

However, currency devaluation in Egypt and forex unavailability in Ethiopia, impacted the overall performance of the global operations. Its revenue from home improvement segment was Rs 41.77 crore in Q2.

Consequent to introduction of goods & services tax w.e.f July 1, 2017, central excise, value added tax etc have been subsumed in GST.

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