Asian Paints Q1 Net Rises 34%, Meets Estimates

Asian Paints reported a strong growth in its net profit for the quarter ended June 30, 2015, led by lower input cost.
  The net profit of Asian Paints grew 34 per cent annually to Rs 455 crore against Rs 339 crore in the year-ago period.
  Revenues of Asian Paints rose 7 per cent to Rs 3,578 crore in Q1, against Rs 3,325 crore in the previous fiscal.
  Analysts polled by NDTV had estimated Asian Paints to post a net profit of Rs 408 crore on revenues of Rs 3,609 crore.
  Asian Paints also reported an improvement in its profitability in the June quarter. Its EBITDA margin (operating margin) increased 320 basis points to 18.8 per cent, beating analyst's estimates of 16.7 per cent. Analysts say the correction in crude oil prices has helped to lift margins.
  Meanwhile, in a separate filing to Bombay Stock Exchange, Asian Paints said that it plans to consolidate its investments in its overseas subsidiaries. Asian Paints (International) Limited, Mauritius, a wholly owned subsidiary of the Company has transferred its entire holding of 89.78 per cent held by it in its subsidiary - Asian Paints Bangladesh Limited, Bangladesh to its wholly owned subsidiary, Berger International Limited, Singapore, the company said.
  Asian Paints shares closed 4.25 per cent lower at Rs 816.05 apiece against 0.86 per cent drop in the broader Nifty.