The paint major had set up a paint manufacturing plant at Mysuru, Karnataka with an ultimate production capacity of 6,00,000 KL per annum to be implemented in a phased manner with an initial production capacity of 300,000 KL per annum.
The existing capacity utilisation of the Mysuru plant is at around 78% of the installed production capacity of 300,000 KL per annum. Now, the capacity of the plant has been increased to 6,00,000 KL p.a.. An amount of Rs 1,305 crore has been invested by the firm towards the above increase in installed capacity and the same has been funded through internal accruals.
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing related services.
The paint major's consolidated net profit rose marginally to Rs 1,256.72 crore in Q4 FY24 as against Rs 1,234.14 crore reported in Q4 FY23. Revenue from operations declined marginally to Rs 8,701.46 crore in the quarter ended 31 March 2024.
The scrip rose 0.09% to currently trade at Rs 2,920 on the BSE.