Net profit rose to Rs 76.88 crore from Rs 67.5 crore in the year before. Gross sales shot up to Rs 1,128.01 crore from Rs 1,021.19 crore in 1997-98, up 11.5 per cent, despite a significant cyclical downturn in its non-core business of chemicals.

Lower chemical prices resulted in turnover from pthalic anhydride business dipping to Rs 43 crore from Rs 62 crore, while that in pentaerythritol declined to Rs 26.5 crore from Rs 29 crore in the previous year. The company has said that the chemical business is likely to do better in the current fiscal as there are signs of a cyclical uptrend in prices.

Other income increased to Rs 14.9 crore from Rs 10.53 crore in 1997-98, and increased 108 per cent in the last quarter. The board has recommended a dividend of Rs 8.00 per share, whichincludes an interim of Rs 3.50 a share.

Interest charges rose 14.04 per cent to Rs 22.33 crore, while depreciation increased 33.55 per cent Rs 22.69 crore on account of expansion at existing facilities. In the last quarter, depreciation charges declined 23 per cent, leading to profit after tax jumping by 59 per cent in the last quarter.

Provision for taxation was lower at Rs 24 crore for the year against Rs 33 crore in the previous fiscal. The company also received insurance claims of Rs 7.07 crore compared with Rs 6.5 crore in the previous fiscal.

The company retailing concept, Colour World, was extended to over 350 installations countrywide during the year. New product launches during the period included Ace exterior emulsion, Asian Wall Putty and the NC range of wood finishes.

Two of its popular brands, the Apex acrylic exterior emulsion and the Utsav economy distemper, grew 80 per cent and 50 per cent during the year.

The joint venture with PPG Industries of the US, in which Asian Paints holds50 per cent stake, grossed Rs 44 crore during the year.

Lower chemical prices resulted in turnover from pthalic anhydride business dipping to Rs 43 crore from Rs 62 crore, while that in pentaerythritol declined to Rs 26.5 crore from Rs 29 crore in the previous year. The company has said that the chemical business is likely to do better in the current fiscal as there are signs of a cyclical uptrend in prices. Other income increased to Rs 14.9 crore from Rs 10.53 crore in 1997-98, and increased 108 per cent in the last quarter. The board has recommended a dividend of Rs 8.00 per share, which includes an interim of Rs 3.50 a share.

Interest charges rose 14.04 per cent to Rs 22.33 crore, while depreciation increased 33.55 per cent Rs 22.69 crore on account of expansion at existing facilities. In the last quarter, depreciation charges declined 23 per cent, leading to profit after tax jumping by 59 per cent in the last quarter.

Provision for taxation was lower at Rs 24 crore for the year against Rs 33 crorein the previous fiscal. The company also received insurance claims of Rs 7.07 crore compared with Rs 6.5 crore in the previous fiscal. The company retailing concept, Colour World, was extended to over 350 installations countrywide during the year. New product launches during the period included Ace exterior emulsion, Asian Wall Putty and the NC range of wood finishes. Two of its popular brands, the Apex acrylic exterior emulsion and the Utsav economy distemper, grew 80 per cent and 50 per cent during the year. The joint venture with PPG Industries of the US, in which Asian Paints holds 50 per cent stake, grossed Rs 44 crore during the year.