Home >Companies >Company Results >Asian Paints Q1 results: Net profit soars 161% to 574 cr

Asian Paints on Tuesday posted a consolidated net profit at 574 crore, up 161% year-on-year (YoY) for the quarter ended 30 June, 2021. The company had posted a net profit of 219.6 crore in the year-ago period.

Asian Paints' consolidated revenue from operations rose 91% to 55.85 crore as against 2,923 crore in the quarter ended 30 June, 2020, it said in a regulatory filing.

“ The business registered strong compounded average growths in value and volume in comparison with Q1 FY20 which was a normal quarter, indicative of a strong consistent trajectory," said Amit Syngle, Managing Director & CEO of Asian Paints Limited.

The industrial business and the home-improvement business also doubled their 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, the company added.

"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," added Syngle.

Syngle further stated that it is "confident of our organization’s capability to maximize on the expected uptick in the business conditions as we move forward."

After announcing the earning for Q1FY22, shares of Asain Paints surged to a 52-week high and was trading 6.37% higher at 3,172 apiece during late trade on BSE.

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