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Asian Paints net profit up 30% in Q1

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Mumbai, July 24 (IANS) Asian Paints on Tuesday reported a nearly 30 per cent increase in its consolidated net profit to Rs 571.31 crore in the quarter ended June 30, 2018 as compared to Rs 440.74 crore in the year-ago period.

Its consolidated revenue from operations during the quarter under review was at Rs 4,398.59 crore, up by 15.5 per cent from Rs 3,809.79 crore.

The decorative paint business in India registered good double digit volume growth in the current quarter helped to an extent by the low base of the previous year, said company’s Managing Director and CEO K.B.S. Anand.

On the Goods and Services Tax (GST) rates reduction, he said: “The GST rate reduction from 28 per cent to 18 per cent on paints is a welcome move and should help demand from the small consumers. The company is taking steps to pass on the benefit of this rate reduction to the consumers.”

However, the company is seeing a continuous increase in raw material prices and expect an inflation of almost 10 per cent in the second quarter and the paint maker passed on only a part of this impact through the cumulative 3.3 per cent per cent price increases taken in March and May, 2018, he said.

“We should have ideally looked at a further price increase. However, we may need to defer it due to the GST rate reduction,” Anand said.

On the first quarter performance, he said in the industrial business, good demand conditions in the general industrial and auto refinish segment helped performance of the automotive coatings JV (PPG-AP).

Overall, international operations faced challenging conditions with issues like forex unavailability, difficult weather conditions impacting business performance, he said.

Both the businesses in the Home Improvement category viz. the Kitchen (Sleek) and Bath (Ess Ess) business, registered strong growth in the quarter, Anand added.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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