Asian Paints Q2 net profit down 19.78%

Asian Paints today posted 19.78 per cent decline in net profit to Rs 217.85 crore.

Asian Paints today posted 19.78 per cent decline in net profit to Rs 217.85 crore for the second quarter ended September 30,2011,due to high input costs and depreciation of rupee.

The company had a net profit of Rs 271.59 crore in the quarter ended September 30,2010,Asian Paints said in a filing to the BSE.

During the quarter under review,the company’s net sales remained almost flat at Rs 2,250.78 crore. It had a net sales of Rs 2,260.37 crore in the year-ago period.

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“Decorative products’ sale in India was impacted by extended monsoon during the second quarter. In most segments,underlying demand has been good,” Asian Paints Managing Director and Chief Executive Officer P M Murty said.

Continued upward trend in raw material prices along with depreciation in rupee remain an area of concern,he added.

Murty said political events and macro economic uncertainty in some countries affected the international performance of the company.

Besides,the company also announced the appointment K B S Anand as the Managing Director and CEO with effect from April 1,2012. At present,Anand is President of Decorative Business Unit. Murty will retire on March 31,2012.

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