Asian Paints announces Q2 net profit of Rs.77.56 Crores, declares 55% dividend

Asian Paints Ltd has announced the following Audited results for the quarter ended September 30, 2006:

The Company has posted a profit after period items of Rs 775.60 million for the quarter ended September 30, 2006 as compared to Rs 611.70 million for the quarter ended September 30, 2005. Total Income (net of discounts & excise) has increased from Rs 6263.75 million for the quarter ended September 30, 2005 to Rs 7949.52 million for the quarter ended September 30, 2006.

The Unaudited Consolidated results are as follows:

The Group has posted a profit attributable to shareholders of Rs 827.30 million for the quarter ended September 30, 2006 as compared to Rs 591.59 million for the quarter ended September 30, 2005. Total Income (net of discounts & excise) has increased from Rs 7975.33 million for the quarter ended September 30, 2005 to Rs 10078.62 million for the quarter ended September 30, 2006.

Further the Company has informed that, the Board of Directors has approved the payment of interim dividend of Rs 5.50 per equity share of Rs 10/- each (55%) for the financial year ending March 31, 2007.

Further the Company has also informed that, November 06, 2006, has been fixed as the record date for the purpose of payment of interim dividend.

"In the six months to date, we have registered good growth in all segments of decorative coatings and across all regions of the country. An early Diwali, and a price increase from October 01 that increased dealer stocking have also impacted safes in the first half", said Ashwin Dani, Vice Chairman & Managing Director, of the Company. "International business unit also recorded good growth backed by a strong performance of the Middle Fast region." he added.

Source : Equity Bulls

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