Asian Paints records 18% yoy rise in Q3 PAT to Rs1,015.69cr, revenue scales up by nearly 26% yoy

21 Jan 2022 , 12:32 PM

In the quarter ending December 2021, Asian Paints revenue from operations has increased by 25.6 % to Rs8,527.24cr from Rs6,788.47cr. Net Profit after Non- controlling Interest decreased by 18.0 % to Rs1,015.69cr as compared to Rs1,238.34cr in the previous corresponding period.

Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) decreased by 13.7 % to Rs1,542.31cr from Rs1,787.89cr. Profit Before Tax decreased by 17.9 % to Rs1,393.72cr from Rs1,696.76cr.

Amit Syngle, Managing Director & CEO, Asian Paints said, “The domestic Decorative business registered yet another strong double digit growth performance, five quarters in a row, with a 18% volume growth, on a strong base of the previous year. The Industrial Coatings business also registered a robust double digit revenue growth especially in the Protective Coatings segment. However, the automotive coatings business was impacted by the challenges facing the automotive sector. The Home Improvement business continued its streak of healthy growth and registered another solid performance, with a steady expansion trajectory across the country.”

The MD and CEO added, “International Business registered a 9% value growth and was impacted by sluggish market conditions in most of the units in Middle East and specific challenges like civil unrest in Ethiopia and forex crisis in Sri Lanka.”

“The steep and unprecedented inflationary trend in raw material prices continued to impact the Gross margins across businesses this quarter. Substantial price increases have been taken in November and December to mitigate this inflation impact, improving the margins on a sequential basis. We continue to work strongly in enhancing the value proposition for our customers across all business segments and thereby deliver sustained value creation for all our stakeholders,” the MD and CEO added.

At around 12.29 pm, Asian Paints was trading at Rs3310.70 per piece up by 0.09% on Sensex.