On a consolidated basis, the paint major reported 1.16% rise in net profit to Rs 851.9 crore on 5.93% increase in revenue from operations to Rs 5,350.23 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) came at Rs 1,145 crore in Q2 September 2020, rising 34.4% from Rs 852 crore in the corresponding period last year. Total tax expense stood at Rs 293 crore in Q2 September 2020 compared with Rs 7.23 crore in Q2 September 2019.
Profit before depreciation, interest, tax and other income (PBDIT) for the group increased by 32.5% to Rs 1,265.20 crore in Q2 September 2020 from RS 954.82 crore in Q2 September 2019. The result was announced during market hours today, 22 October 2020.
"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. 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. 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 pandemic. Profitability across businesses was well supported by a better product mix, the stable raw material prices, favourable foreign exchange rate and the large number of cost optimization measures put in place by the management," said Amit Syngle, managing director & CEO, Asian Paints.
The board of directors approved the payment of an interim dividend of Rs 3.35 per share.
Shares of Asian Paints were down 0.96% at Rs 2094.10. The stock came off the intraday low of Rs 2080.
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world with a consolidated turnover of Rs 20,211.25 crore.
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