Asian Paints rose 2.67% to Rs 3058.85 after the company's net profit increased 160.2% to Rs 568.50 crore in Q1 FY22 as against Rs 218.45 crore in Q1 FY21.
Revenue from operations during the quarter has increased by 91.1% to Rs 5,585.36 crore compared with Rs 2,922.66 crore recorded in the same period last year.
As compared to Q4 FY21, the company's net profit and revenues have declined by 33.3% and 16%, respectively.
Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) increased by 88.7% to Rs 913.56 crore in Q1 FY22 from Rs 484.25 crore in Q1 FY21.
Profit Before Tax (PBT) in Q1 FY22 stood at Rs 778.58 crore, up by 154.6% from Rs 305.76 crore in Q1 FY21.
Amit Syngle, managing director & CEO of Asian Paints, said: 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. The business registered strong compounded average growths in value and volume in comparison with Q1 FY 20 which was a normal quarter, indicative of a strong consistent trajectory.
The Industrial Business and the Home Improvement business also doubled its revenue on last year's low base.
International Business, which had seen some continuity of business in the first quarter of last year, registered strong double-digit revenue growth. This has been a resilient performance across all businesses despite the challenges posed by the second Covid wave across markets, which disrupted business continuity from the second fortnight of April 2021.
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.
Steep inflation in raw material prices in the last quarter of previous financial year and again in this quarter saw gross margins impacted across all businesses despite the price increases taken to mitigate this pressure to an extent.
However, all businesses showed healthy profits compared to first quarter of last year and net profit more than doubled at both, standalone and consolidated levels."
Asian Paints is a leading paint company of India. The company along with its subsidiaries has operations in 15 countries across the world with 26 paint manufacturing facilities, servicing consumers in over 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints is also present in the Home Improvement and Dor space.
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