
Asian Paints Ltd announced that its step-down subsidiary, Berger Paints Emirates Ltd Co (LLC), UAE, is planning to establish its second paint manufacturing facility in the United Arab Emirates.
The project has an expected investment of AED 140 Million, approximately ₹340 Crore. The unit will have an initial production capacity of 55,800 KL per annum. Company stated in its filing that the new unit will be situated within Khalifa Economic Zones Abu Dhabi (KEZAD), spanning across an area of 100,000 square metres.
Berger Paints Emirates is a unit of Asian Paints International Private Limited, Singapore, which is a wholly-owned subsidiary of Asian Paints.
Asian Paints posted a net profit of ₹1,018 Crore. This marks a significant growth of 47% against ₹693 Crore posted in the previous corresponding period.
The company’s revenue for the quarter came in at ₹8,531 Crore. This was higher than the street estimate of ₹8,105 Crore.
The company’s EBITDA for the quarter jumped by 21.30% to ₹1,503 Crore. The EBITDA margin was higher by 200 basis points to 17.60% against 15.40% in the previous comparable period.
At around 11.12 AM, Asian Paints was trading 0.38% higher at ₹2,885 per piece, against the previous close of ₹2,874 on NSE. The company touched an intraday high and low of ₹2,914.50, and ₹2,877.50, respectively.
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