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Asian Paints fiscal Q2 profit climbs 8.5% YOY

Asian Paints Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 4.84 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 5.32 rupees per share.

EPS rose 8.5% year over year from 4.46 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 4.65 billion rupees, an increase of 8.5% from 4.28 billion rupees in the year-earlier period.

The normalized profit margin dropped to 10.9% from 11.5% in the year-earlier period.

Total revenue grew 14.6% year over year to 42.65 billion rupees from 37.21 billion rupees, and total operating expenses climbed 14.9% from the prior-year period to 35.53 billion rupees from 30.92 billion rupees.

Reported net income grew 6.8% on an annual basis to 5.08 billion rupees, or 5.30 rupees per share, from 4.76 billion rupees, or 4.96 rupees per share.

As of Oct. 24, US$1 was equivalent to 65.22 Indian rupees.