The paint maker’s consolidated profit before tax in the reported quarter rose 154.6 per cent on-year to Rs 778.6 crore.
On a sequential basis, the company’s consolidated net profit slumped 33 per cent, while topline was hit by 16 per cent.
“The domestic decorative business more than doubled its volume and delivered stellar revenues over the lower base of last year, which had suffered from the first nationwide lockdown,” said Amit Syngle, managing director and chief executive officer at Asian Paints.
In the year-ago quarter, Asian Paints business suffered from the imposition of the nation-wide lockdown for over two months to contain the spread of the Covid-19 infections.
Asian Paints said that both the industrial paints and home decorative paints business saw strong year-on-year growth in volumes whereas the international division saw double-digit revenue growth.
“We registered strong growths in April 2021 and a robust resounding rebound in June 2021, post May 2021 which was impacted in a big way,” Syngle said.
Highlighting the ongoing troubles caused by surging commodity prices, the company said its gross margins in the reporting quarter suffered on account of higher input costs as global crude oil prices continued their upward march.
Shares of Asian Paints were up 5.4 per cent at Rs 3,143.3 on the National Stock Exchange.
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.