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Asian Paints records higher annual profits

Asian Paints Ltd.'s net income for the fiscal year ended March 31 climbed year over year, supported by higher revenues over the 12-month period.

The Indian paint company recorded consolidated net income attributable to owners of 20.39 billion Indian rupees, or 21.26 rupees per share, rising from 19.39 billion rupees, or 20.22 rupees per share in the prior fiscal year. Total income rose to 174.83 billion rupees from 171.19 billion rupees.

Revenue from sale of products climbed to 169.63 billion rupees from 166.20 billion rupees, while revenue from sale of services rose to 749.1 million rupees from 471.7 million rupees.

The cost of materials consumed increased to 85.85 billion rupees from 80.16 billion rupees in the prior fiscal year. Total expenses rose to 140.64 billion rupees from 138.70 billion rupees.

As of May 30, US$1 was equivalent to 67.48 Indian rupees.