Asian Paints produces flat results for the quarter and year ended, March’11

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Asian Paints produces flat results
Paints giant, Asian Paints Ltd. announced its consolidated and standalone financial results for the quarterly and year ended March 2011 on May 10, 2011.

The company posted a consolidated net profit of Rs 186.02 crore, down by 3.41% for the quarter ended March 2011 as compared to the corresponding quarter in last year. The company had reported a net profit of Rs 192.58 crore in the same quarter previous fiscal. On standalone basis, the company registered a fall of 3.17% in its net profit to Rs 171.43 crore from Rs 177.04 crore in the corresponding quarter.

On standalone basis, the net sales and total expenditure followed a similar trend during the quarter, both increasing by 24.02% and 27.13% to Rs 1607.39 crore and Rs 1377.73 crore respectively. Taking the consolidated picture into account, net sales rose by 4.73% to Rs 1965.63 crore whereas the total expenditure went up by 7.25% to Rs 1705.35 crore compared to the corresponding quarter.

For the quarter under review, the standalone interest charges rose by 84.46% to Rs 7.36 crore whereas the tax expenses rose by 8.51% to Rs 76.10 crore. The consolidated interest charges increased by 9.51% to Rs 7.60 crore and tax expenses decreased by 5.74% to Rs 81.77 crore respectively.

For the year ended March 31, 2011.

The company posted a consolidated net profit of Rs 843.24 crore, up by 0.91% for the year ended March 2011 as compared to the corresponding year. The company had reported a net profit of Rs 835.64 crore in the last fiscal.

On standalone basis, the company registered a growth of 0.08% in its net profit to Rs 775.15 crore from Rs 774.50 crore in the corresponding year. Though, in 2010 the total income included Rs 62.71 crore being the profit on sale of long term investment held by the company. Therefore the rate of growth is marginal.

On standalone basis, the net sales and total expenditure followed a similar trend during the year, both increasing by 23.36% and 26.25% to Rs 6322.24 crore and Rs 5272.22 crore respectively. Taking the consolidated picture into account, net sales rose by 15.35% to Rs 7706.24 crore whereas the total expenditure went up by 17.51% to Rs 6506.40 crore compared to the corresponding year. The paints segment grew about 25% both quarter-on-quarter and year-on-year.

For the year under review, the standalone interest charges rose by 11.56% to Rs 15.35 crore whereas the tax expenses rose by 5.3% to Rs 347.68 crore. The consolidated interest charges fell by 21.92% to Rs 22.23 crore and tax expenses increased by 1.55% to Rs 378.89 crore respectively.

Meanwhile, the Board has recommended a dividend of Rs 23.50 per share of Rs 10 each along with an interim dividend of Rs 8.50 approved in October, 2010. The total dividend for the year is Rs 32 per share.

Read more about: results, asian paints, bse, nse
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