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27 May, 2018 04:39 IST
Asian Paints quarterly profit up 10%
Source: IRIS | 12 May, 2017, 10.03AM
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''The decorative business segment in India registered a low double digit growth in the current quarter after witnessing some recovery from the impact of demonetization. Raw material prices have moved up over the last 2 quarters necessitating price increases to protect margins. Good demand conditions in the Auto OEM and General Industrial business segment led to improved performance of the Automotive coatings JV (PPG-AP). In the Industrial Coatings JV (AP-PPG), Industrial Liquid Paints, Road Marking Paints and Powder coatings segment registered good growth. Our International business performed well aided by strong performance in markets like Nepal, Jamaica, Fiji, Oman and Bahrain. Egypt was impacted by the devaluation of the local currency; whereas shortage of raw materials on account of unavailability of foreign exchange affected Ethiopia operations. Both the segments in the Home Improvement category viz. the Kitchen (Sleek) and Bath (ESS ESS) business, delivered good topline growth in the quarter,'' said K.B.S. Anand, Managing Director & CEO, Asian Paints.

(Q,N,C,F)*
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