Asian Paints reports 1.15% rise in net profit at Rs 852 cr in Sept quarter

Asian Paints on Thursday reported a 1.15 per cent rise in its consolidated net profit at Rs 851.90crore for the quarter ended September 30.

The company had posted a net profit of Rs 842.14 crore in the July-September quarter a year ago.

Total income in July-September 2020 increased 5.37 per cent to Rs 5,432.86 crore, compared with Rs 5,155.82 crore a year ago,Asian Paints said in a BSE filing.

Asian Paint Managing Director and CEO Amit Syngle said all the business segments continued to witness improving demand conditions on a progressive basis during the second quarter of this financial year.

"The decorative business segment registered good volume growths for each of the months and, therefore, a healthy double-digit volume growth for the quarter with demand picking up across regions," he said.

Syngle added that the other business segments in India, including the two industrial coatings business, and both the segments in the home improvement category also experienced improving trends in line with the phased out re-opening of the economy

Syngle said the international business portfolio did well, supported by favourable market conditions in Middle East, Africa and Asia, with the exception of Nepal, which continued to witness challenging business conditions due to the coronavirus pandemic.

The board of directors approved the payment of an interim dividend of Rs 3.35 per share.

Shares of Asian Paints weretrading 0.62 per cent lower at Rs 2,101.15 per share on the BSE.