Mumbai, July 21 (IANS): Paints company Asian Paints on Tuesday said its consolidated net profit during the the first quarter of 2015-16 increased by a whopping 34.39 percent at Rs.455.18 crore as against Rs.338.70 crore in the same period last year.

"No significant improvement in demand conditions (was) witnessed in the decorative coatings business in India in the (fiscal) quarter. Lower raw material prices aided gross margins of the business," the company's managing director and CEO, K.B.S. Anand said in a statement.

Net consolidated revenue during the quarter under consideration stood at Rs.3,626.47 crore - an increase of 7.77 percent, compared to the corresponding timeframe in 2014.

The company's joint venture with PPG in the automotive coatings segment also saw subdued demand - similar to the decorative coatings segment.

"In the home improvement business category, the kitchen and bath businesses has been impacted by subdued demand conditions," said Anand.

However, the auto refinish business witnessed decent growth.