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| Exchange Disseminated Time | Asian Paints Ltd has announced the following results for the quarter ended December 31, 2015:
The Audited Standalone results for the Quarter ended December 31, 2015
The Company has posted a net profit of Rs. 4182.00 million for the quarter ended December 31, 2015 where as the same was at Rs. 3530.70 million for the quarter ended December 31, 2014. Total Income is Rs. 34711.70 million for the quarter ended December 31, 2015 where as the same was at Rs. 30608.50 million for the quarter ended December 31, 2014.
- The results for the quarter and nine months ended December 31, 2015 include the results of bath fittings business acquired by the Company effective June 01, 2014.
- The Company has made an assessment of the fair value of investment made in its subsidiary, Sleek International Private Limited ('Sleek') taking into account the past business performance, prevailing business conditions and revised expectations of the future performance given the understanding built up since acquisition. Based on the above factors and as a matter of prudence, the Company has made a provision for diminution in the value of the investment made in Sleek to the tune of Rs. 65.30 crores in
the quarter ended December 31, 2015. The same is disclosed as "Exceptional items" in the above results.
- Exceptional items in the previous year included:
i) Provision for expense amounting to Rs. 25.16 crores on account of the "Voluntary Retirement / Separation scheme" offered to all the workmen at the Bhandup plant during the nine months ended December 31, 2014.
In view of the above, the results for the quarter and nine months ended December 31, 2015 are not comparable with the corresponding previous periods.
The Consolidated Results are as follows:
The Unaudited Consolidated results for the Quarter ended December 31, 2015
The Group has posted a net profit after taxes, minority interest and share of profit of associates of Rs. 4632.80 million for the quarter ended December 31, 2015 where as the same was at Rs. 3681.80 million for the quarter ended December 31, 2014. Total Income is Rs. 41958.20 million for the quarter ended December 31, 2015 where as the same was at Rs. 36830.90 million for the quarter ended December 31, 2014.
- The results for the quarter and nine months ended December 31, 2015 include the results of bath fittings business acquired by the Company effective June 01, 2014.
- The above results include financials of Kadisco Paint and Adhesive Industry Share Company, (Ethiopia) in which the Company's wholly owned subsidiary, Berger International Private Limited, Singapore acquired 51% stake on February 09, 2015.
- The Company has made an assessment of the fair value of investment made in its subsidiary, Sleek International Private Limited ('Sleek') taking into account the past business performance, prevailing business conditions and revised expectations of the future performance given the understanding built up since acquisition. Based on the above factors and as a matter of prudence, the Company has recognised an impairment loss on the 'goodwill on consolidation' of Rs. 52.5 crores, which was recognized on acquisition of Sleek, in the quarter ended December 31, 2015. The same is disclosed as "Exceptional items" in the above results.
- Exceptional items in the previous year included:
i) Provision for expense amounting to Rs. 25.16 crores on account of the "Voluntary Retirement / Separation Scheme" offered to all the workmen at the Bhandup plant during the nine months ended December 31, 2014.
ii) Provision for impairment of Fixed Assets at Bhandup Plant amounting to Rs. 2.41 crores during the year ended March 31, 2015.
In view of the above, the results for the quarter and nine months ended December 31, 2015 are not comparable with the corresponding previous periods. |
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