Mumbai, Oct 23 : Asian Paints has recorded a 27.7 per cent increase in net profit to Rs 30.46 crore for the second quarter ended September 30 2000, as against Rs 23.86 crore in the corresponding quarter last fiscal. Net profit for the first six months stood at Rs 49.01 crore, a 24 per cent jump as compared to Rs 39.51 crore for the same half last year.The company recorded a turnover of Rs 431.79 crore, up 24.7 per cent as against Rs 346.14 crore registered in the same quarter last year. The board has announced an interim dividend of Rs 3 per share. For the six months ended September 30, 2000, gross sales stood at Rs 754 crore, an increase of 18.5 per cent as compared to Rs 636.48 crore in the same period last year.
"It has been an excellent six months for the company. Our focused initiatives have enabled us outpace industry growth rates." Asian Paints vice-chairman and managing director Ashwin Dani said.
An official statement from the company has said that Sri Lankan company Delmege Forsyth and Company, which was acquired a year ago, has been renamed Asian Paints (Lanka). Asian Paints will now also feature in the Sri Lankan market. The company statement added that Asian paints `Helpline' has received an excellent response.
The helpline is aimed at providing information to the consumer about the painting process. The company added that its ERP solution will be implemented by end of the current financial year. The company's decorative business has grown 22.9 per cent in volume, while sales in the wall finish segment have registered an increase of over 23.6 per cent.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.