 "Asian Paints")
Asian Paints on Thursday witnessed a 45.1 per cent rise in its net profit in the March quarter. The country’s largest paint maker saw its profits rise to Rs 1,234 crore as it saw an improvement in margins and it also logged the highest value ever.
During the quarter, the company’s net sales stood at Rs 8,751 crore up 10.9 per cent compared to last year with the decorative and non-automative industrial businesses registered double digit volume and value growth.
Its PBIDT (profit before interest, depreciation and tax) in the January-March quarter stood at Rs 1,969 crore, up 39.0 per cent compared to last year.
“We have been able to improve our margins in the quarter sequentially and over last year through our persistent work on formulation and sourcing efficiencies and also helped by the easing inflation in raw material prices,” Amit Syngle, managing director & chief executive officer at Asian Paints said in its release.
He added that in home décor, the new categories of fabrics, decorative lighting, UPVC doors and windows did well, while kitchen and bath were sluggish. The global business was good in Middle East and Africa though but slower in Asia, however overall, delivered good bottom line numbers.
Syngle said, “Going forward, as a market leader, we will continue to aggressively pursue growth. Our performance will be driven by our consistent focus on customer centricity, innovation, sustained investment in B2B business coupled with our powerhouse brand, robust supply chain and distribution network.”
During the year, the paints major crossed Rs 34,000 crore in revenue at a consolidated level.
“It has been an outstanding year for us with a 14 per cent volume growth and 20% value growth in our standalone business and a net profit growth of 31 per cent. Our growths in both the Industrial coatings have been stellar, growing double digits in volume and value, delivering one of the highest profits in the last 2 decades,” Syngle said.
