Mumbai headquartered, Asian Paints Ltd has today reported a 14.5 per cent jump in the consolidated net profit at Rs 287.42 crore for the quarter ended March 31, 2014 on the back of good growth in tier II and tier III cities.
The company had posted a consolidated net profit of Rs 251.11 crore in the corresponding quarter a year ago, the company said in a filing to the Bombay Stock Exchange.
In Q4 FY 14, the total income of the company increased by 21.5 per cent to Rs 33381.90 crore in comparison to Rs 2748.2 crore for the quarter ended March 31, 2013.
For the Year ended March 31, 2014, the company has posted 9.4 per cent growth in the consolidated net profit at Rs 1218.81 crore, whereas, it had posted a consolidated net of Rs 1113.88 crore for the year ended March 31, 2013.
"Decorative paint business in India remained resilient in spite of the overall sluggish environment," said KBS Anand, managing director and chief executive officer, Asian Paints, adding growth was led by tier II and tier III cities.
Further, the filing added that the result includes consolidated financials of Sleek International Private Limited in which the Company acquired 51 per cent stake on August 08, 2013. Thus the numbers are not comparable.
Besides, the Board of Directors of the Company at its meeting held on May 14, 2014, inter alia, has recommended payment of final dividend of Rs 4.20 per equity share of the face value of Rs. 1 each for the financial year ended March 31, 2014.