India's largest paint manufacturing company, Asian Paints Ltd., beat analyst estimates both on the topline and bottomline for the quarter-ended June.
Net profit rose 18.6 percent year-on-year to Rs 552.6 crore from Rs 466 crore. The Bloomberg consensus estimate stood at Rs 523 crore.
Revenue or the net income increased 10.2 percent to Rs 4,082.1 crore from Rs 3,703.1 crore in the same quarter last year.
The earnings before interest, taxes, depreciation and amortisation grew 21 percent to Rs 820.5 crore from Rs 678.3 crore year-on-year.
The EBITDA margin expanded 280 basis points to 20.1 percent from 18.3% percent in Q1FY16.
The decorative business segment in India registered double-digit growth in the quarter, KBS Anand, managing director and CEO at Asian Paints said in a regulatory filing on the Bombay Stock Exchange. Lower raw material prices led to improved margins, he added.
“Our international business performed well, aided by good growth in markets like Nepal, UAE and Fiji,” Anand said.
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