July 24, 2018 / 11:25 AM / 2 months ago

Asian Paints first-quarter profit beats estimates

(Reuters) - Asian Paints Ltd, India’s biggest paint maker by market capitalisation, on Tuesday reported first-quarter profit above analysts’ expectations, helped by double-digit volume growth in its decorative paint business.

Net profit rose about 31 percent to 5.58 billion rupees ($81.02 million) in the three months ended June 30 from 4.27 billion rupees a year earlier, the company said in a statement.

Analysts on average had expected the Mumbai-based company to post a profit of 5.16 billion rupees, according to Thomson Reuters data.

Revenue from operations rose over four percent to 43.99 billion rupees.

($1 = 68.8750 Indian rupees)

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan

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