Asian Paints Surges 7%; Hits 52-Week High On Strong Q1 Numbers

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Shares of Asian Paints rose 7 per cent on Thursday after the company reported strong Q1 numbers for the quarter ended June 2016.

The consolidated net profit was higher by 19% at Rs 553 crore against Rs 466 crore in the same quarter last year.

Asian Paints Hits 52-Week High On Strong Q1 Numbers
Asian Paints: Quotes, News
BSE 942.40BSE Quote7 (0.74%)
NSE 941.75NSE Quote5.6 (0.59%)

Net sales of Asian Paints for the quarter was up 10% at Rs 4,035 crore against Rs 3,661 crore in the same quarter ended June 2015.

The company's total Income has increased from Rs 376 crore for the quarter ended June 30, 2015 to Rs 415 crore for the quarter ended June 30, 2016.

Shares of the company were seen trading at Rs 1134, higher by 1152 on BSE at 10.55 sm IST. It touched an intra-day high and 52-week high at Rs 1152 during trade.

"The decorative business segment in India registered double digit growth in the quarter. Lower raw material prices led to improved margins. Industrial business registered good growth in the Industrial Liquid Paints category for the company's JV, AP-PPG while the other JV, PPG-AP saw good demand in the Auto OEM and General Industrial segment" said K.B.S. Anand, Managing Director & CEO, Asian Paints Limited.

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