Shares of Asian Paints jump 7% on good Q1 results

NEW DELHI: Shares of Asian Paints, India's largest paint company, rose over 7 per cent in early trade on Thursday, a day after it reported an 18.46 per cent increase in consolidated net profit at Rs 552.56 crore for the quarter ended June 30, 2016.

The company had reported a net profit of Rs 466.42 crore for the same period of previous financial year.

Total income from operations stood at Rs 4,082.08 crore for the quarter under review, up 10.23 per cent against Rs 3,703.04 crore reported for the corresponding quarter of last financial year.

"The decorative business segment in India registered double-digit growth during the quarter. Lower raw material prices led to improved margins. Our international business performed well, aided by good growth in markets like Nepal, the UAE and Fiji," Asian Paints MD and CEO KBS Anand said.

At 9:46 am, shares of the company were trading at Rs 1142.25 apiece, up 7.58 per cent from its previous close on the Bombay Stock Exchange ( BSE).