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Asian Paints reported almost flat net profit growth for the quarter ended 31 March at 874 crore, hit by high raw material prices. 

The reduction in profit was also due to 53.73 crore exceptional loss from subsidy delay by state governments and 48 crore loss from Sri Lanka business.

Consolidated sales rose 21% to 7,890 crore in the same period.

The company's board recommended a final dividend of 15.50 per equity share for the financial year ended 31 March.

On Tuesday, Asian Paints shares were up nearly 3% in noon deals at 3,090.85 apiece on NSE.

“It was yet another quarter of solid and strong double digit value growth across all businesses, despite the prevailing uncertainty around Covid, macro-economic challenges and heightened geo-political tensions. The domestic Decorative business grew strongly, registering 8% volume growth and 20% plus revenue growth on a high base," said Asian Paints MD and CEO Amit Syngle.

"The international business managed to deliver a double-digit revenue growth for the quarter despite severe challenges in key markets. The Industrial Coatings business closed the quarter with another round of robust double digit revenue growth with continued momentum in the protective coatings segment. The scale-up in the Home Décor business continued unhindered, making further inroads through network expansion and introduction of unique value propositions for its customers. We continued to improve our operating margins on a sequential basis which was a result of some calibrated price increases, driving the premium and luxury product growths, coupled with some strong work on driving operational efficiencies across businesses. As an organization, we continue to work diligently on expanding our capabilities to beautify, preserve, transform all spaces and objects and in that course deliver sustained value to all our stakeholders," he said.

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