Asian Paints on Wednesday reported a 20 per cent rise in its consolidated net profit at Rs 764 crore for the quarter ended December 31 as compared to Rs 636 crore in the corresponding quarter of previous fiscal.
Sequentially, the number declined by 7.7 per cent. Revenue from operations stood at Rs 5,420 crore, up nearly 3 per cent year-on-year while total income grew by 3.3 per cent to Rs 5,490 crore.
Profit before tax increased by 8.4 per cent to Rs 1,057 crore from 975 crore in the year-ago period. Basic and diluted earnings per share came in at Rs 7.97 against Rs 6.63 in Q3 FY19.
"The decorative business segment in India registered a low double-digit volume growth, impacted by the slowdown in overall economy," said Managing Director and CEO K B S Anand.
"Automotive coatings business continued to be impacted by the downturn in automobile industry while industrial coatings saw some demand pick-up in the protective coatings segment. Benign raw material prices benefited the entire coatings business," he said in a statement.
International operations performance was impacted by challenging business conditions in some key units in the Gulf Cooperation Council and Sri Lanka.
Both segments in the home improvement category -- kitchen and bath -- continue to be impacted by the slowdown in the real estate construction space.
Asian Paints is ranked among the top ten decorative coatings companies in the world with a consolidated turnover of Rs 19,248 crore, operations in 15 countries and 26 paint manufacturing facilities.
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