TOP CORPORATE NEWS

• Asian Paints Q1 profit rises 23% on strong revenue, EBITDA

Asian Paints reported slightly better-than-expected earnings on top line as well as bottom line fronts while operational performance was very strong led by increase in product prices despite higher raw material cost. Consolidated net profit grew 23.2 percent on yearly basis to Rs 338.7 crore on total income of Rs 3,362 crore.

• Ceat skids post June quarter results

Ceat has falling nearly 12% after reporting 21% year on year decline in consolidated net profit at Rs 52 crore for the first quarter ended June 30, 2014, due to higher expenditure.

• Axis Bank Q1 profit rises 18%, asset quality disappoints

Axis Bank reported a 18.3 percent growth in net profit at Rs 1,667 crore for the quarter ended June 2014 compared to Rs 1,703 crore in same quarter last year, which was lower than expectations of 21 percent growth due to lower other income and higher operating expenses despite significant fall in provisions.

• Hexaware Tech Q1 PAT at Rs765mn

Hexaware Technologies Ltd has posted results for the first quarter ended 30th June, 2014. The net profit for the quarter stood at Rs765mn. The net sales stood at Rs610crore for Q1. EBITDA margin for the quarter was 16.7%. EBIT margin at 14.9%.