Profit before depreciation, interest, tax, and other income (PBDIT) for the group (before sharing in profit of associates) increased by 88.7% yoy to Rs913.56cr from Rs484.25cr. Profit Before Tax (PBT) increased by 154.6% yoy to Rs778.58cr from Rs305.76cr.
Consolidate Net Profit after Minority Interest increased by 160.2% yoy to Rs568.50cr as compared to Rs218.45cr in the previous corresponding period.
On a standalone basis, for the quarter ended June 30, 2021, revenue from operations has increased by 95.6% to Rs4,785.91cr from Rs2,446.56cr in Q1FY21. PBDIT for the quarter increased by 88.9% yoy to Rs882.04cr from Rs466.99cr. Profit before tax increased by 135.9% yoy to Rs794.86cr as compared to Rs336.97cr in the previous corresponding period.
Net Profit on a Standalone basis increased by 136.6% yoy to Rs596.06cr from Rs251.88cr.
The company stock hit record high of Rs3178.00 per piece during intraday trade on Tuesday. Asian Paints Ltd ended at Rs3,159.20 per piece up by Rs179.85 or 6.04% from its previous closing of Rs2,979.35 on the BSE.
“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 Q1FY20 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,” said Amit Syngle, Managing Director & CEO of Asian Paints Limited.
“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,” he added.