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India

India's Asian Paints June-qtr consol profit down 20 pct


Tuesday, 25 Jul 2017 

July 25 (Reuters) - Asian Paints Ltd :Consol June quarter profit 4.41 billion rupees versus 5.53 billion rupees.Asian Paints Ltd consensus forecast for June-quarter consol net profit was 5.47 billion rupees.Consol June quarter total income 43.07 billion rupees versus 41.04 billion rupees.Says decorative business in India saw low single digit volume growth in current quarter; business impacted especially in June due to GST.Says on a sequential basis, material prices continued to witness an upward trend in the quarter thereby squeezing margins‍​.Says currency devaluation in Egypt and forex unavailability in Ethiopia impacted overall performance of international operations.