The country's leading paint maker - Asian Paints - on Thursday reported that its consolidated annual net profit rose 0.84 per cent in quarter ended September 30. The Mumbai-based company in an exchange filing reported net profit of Rs 830.37 crore in July-September period as against Rs 823.41 crore in the corresponding period last year.
Asian Paints revenue from operations rose 6 per cent to Rs 5,350.23 crore compared with Rs 5,050.66 crore in the same quarter last year.
Asian Paints showed a sharp recovery in business in second quarter as COVID-19 related lockdowns were eased by the government. On a sequential basis Asian Paints revenue rose 83 per cent from Rs 2,923 crore while profit jumped nearly four times from Rs 218 crore.
Asian Paints board declared approved payment of an interim dividend of Rs 3.35 per share.
"All the business segments continued to witness improving demand conditions on a progressive basis during the second quarter of this financial year. The Decorative business segment registered good volume growths for each of the months and therefore a healthy double digit volume growth for the quarter with demand picking up across regions. The other business segments in India including the two industrial coatings business and both the segments in the Home Improvement category also experienced improving trends in line with the phased out re-opening of the economy," Amit Syngle, Managing Director & CEO, Asian Paints said in a statement.
Asian Paints shares ended 0.67 per cent lower at Rs 2,100, underperforming the Sensex which closed 0.4 per cent lower.
