Asian Paints Q1 profit surges 80 per cent on low base

Mumbai (Maharashtra) [India], July 26 (ANI): Asian Paints Limited on Tuesday said its consolidated net profit for the first quarter of the current financial year surged by 80.4 per cent year-on-year to Rs 1,036.03 crore.

The surge in profit is partly due to a low base. The company’s consolidated net profit stood at Rs 574.30 crore for the first quarter of 2021-22. In the first quarter of the last year, the company’s earnings were badly hit due to the second wave of the COVID pandemic.

Asian Paints’ consolidated revenue from operations surged by 54 per cent year-on-year to Rs 8,607 crore for the quarter ended June 30, 2022, as compared to Rs 5,585.36 crore recorded in the corresponding period of the last year.

“The domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter. The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust 4-year compounded growth in volume and value terms. The Auto OE and the General Industrial Coatings business delivered a sturdy growth trajectory,” Amit Syngle, Managing DirectorCEO of Asian Paints Limited, said in a statement.

“We continued to make further inroads in our Home Decor business, proliferating its productservice offerings. The International business also delivered a good double-digit revenue growth for the quarter despite multiple headwinds across key geographies,” he said.

“While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premiumluxury offerings and driving further operational efficiencies across businesses,” Syngle added.

Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) increased by 70.3 per cent to Rs 1,555.95 crore in the quarter ended June 30, 2022 as compared to Rs 913.56 crore recorded in the corresponding period of the last year. (ANI)

Disclaimer: This report is automatically generated from worldwide news services. NTN is not responsible for its content and does not moderate it.

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