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Asian Paints fiscal Q1 profit climbs 26.8% YOY

Asian Paints Ltd. said its normalized net income for the fiscal first quarter ended June 30 came to 3.37 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.42 rupees per share.

EPS rose 26.7% year over year from 2.66 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.24 billion rupees, an increase of 26.8% from 2.55 billion rupees in the prior-year period.

The normalized profit margin increased to 9.7% from 9.1% in the year-earlier period.

Total revenue climbed 18.0% on an annual basis to 33.25 billion rupees from 28.18 billion rupees, and total operating expenses increased 17.4% from the prior-year period to 28.33 billion rupees from 24.14 billion rupees.

Reported net income increased 23.1% from the prior-year period to 3.39 billion rupees, or 3.53 rupees per share, from 2.75 billion rupees, or 2.87 rupees per share.

As of July 22, US$1 was equivalent to 60.17 Indian rupees.