Asian nets up 36 percent to Rs 288 million

Mumbai: Asian Paints (India) Ltd (APIL) has posted a 35.84 per cent rise in net profits at Rs 288.30 million for the quarter ended 30 June 2002 as compared to Rs 212.24 million for the quarter ended 30 June 2001. The total income has increased from Rs 2,791.12 million in JQ01 to Rs 3,252.95 million in JQ02.

APIL had reported an 8.3 per cent increase in net profits at Rs 115.3 crore during the year ended 31 March 2002 as compared to Rs 106.3 crore in the previous year. The company has reported a turnover of Rs 1,316 crore as against Rs 1,205.8 crore. The board of directors had recommended a dividend of Rs 5.5 per share for the financial year ended 31 March 2002.

Other income jumped 67.9 per cent to Rs 15.6 crore from Rs 9.3 crore. This was mainly due to royalty and dividends from overseas subsidiaries. The company has reported a gross profit of Rs 181.4 crore against Rs 155.8 crore. It has provided Rs 6.2 crore towards deferred taxation.

The AAA rating assigned to the Rs 85-crore NCD issue of APIL was reaffirmed recently. Simultaneously, the P1+ rating assigned to its Rs 70 crore CP programme has also been reaffirmed, while the P1+ rating assigned to the Rs 50 crore short-term debenture programme has been withdrawn. The ratings reflect APIL's dominant market position in the decorative paints segment.

APIL had recently decided to voluntarily delist the equity shares of the company from some regional stock exchanges. These include Ludhiana, Calcutta, Ahmedabad, Madras, Delhi, Hyderabad and Vadodara stock exchanges.