Asian Paints, India’s largest paint company, has announced a net sales increase of nearly 17 percent and a net profit increase of more than 100 percent for its second quarter.
The Mumbai-based company announced a net profit increase of 104.1% over the previous corresponding quarter. Sales & Operating Income rose by 16.8% in the quarter that ended Sept. 30, the company said.
“Demand conditions for our decorative business have been good in most parts of the country. The international business was impacted by the global slowdown; however South Asia and Middle East regions performed well. ” said P.M. Murty, MD & CEO, Asian Paints Limited.
It was the second consecutive strong quarter for the company, which recorded a net profit increase of 87% and a net sales increase of 17.1 percent in the first quarter.
The company’s stock climbed to its highest since January 1991.
Asian Paints is India's largest paint company and ranked among the top 10 decorative coatings companies in the world. With its subsidiaries, Asian Paints has operations in 19 countries across the world. Its 27 paint manufacturing facilities service consumers in 65 countries.