Asian Paints net up 16.5

During the period under review,the firm had net sales of Rs 2,260.37 crore,a 23.5 per cent increase from Rs 1,830.22 crore in the corresponding quarter last fiscal.

8220;The company witnessed good growth during the quarter driven by favourable demand for decorative coatings across the country,8221; said P M Murty,MD and CEO,Asian Paints Limited.

However,demand in June has not been robust. Demand conditions for international and industrial businesses continue to be challenging,he said.

8220;Input cost rose sharply necessitating price increases aggregating to 8 per cent till now. The impact of these increases on demand will need to be gauged,8221; Murty said

For year ended March 30,2011,the firm had a net profit of Rs 881.35 crore,while it had a net sales of Rs 7,706.24 crore.

Shares of Asian Paints closed at Rs 3,139.95 on the BSE,up 0.78 per cent from the previous close.