Asian Paints Q3 profit spike 62 pc to Rs1238-Cr

Jan 22 2021 08:27 AM
Asian Paints Q3 profit spike 62 pc to Rs1238-Cr

Shares of Asian Paints Limited on Thursday closed at Rs.2740 per share, up by 1.58 percent from its previous losing on the National Stock Exchange (NSE).

Asian Paints on Thursday reported 62 percent year-on-year jump in its net profit to Rs 1,238 crore for the October to December quarter. The country's largest paint maker had reported a net profit of Rs 764 crore for the corresponding quarter last fiscal year (Q3 FY20).

Profit before tax rose by over 60 percent to Rs 1,697 crore from Rs 1,057 crore in the year-ago period. The company's other income rose to Rs 97.9 crore from Rs 69.8 crore a year ago. In Oct-Dec, total expenditure, including finance cost, was at Rs 5,215 crore compared with Rs 4,452 crore a year ago.

Finance cost was lower at Rs 21. crore from Rs 24 crore a year ago. Asian Paints' operating margin expanded sharply to 26.34pc in Oct-Dec from 21.94pc a year ago. The company's tax outgo for the December quarter was at 4.31 bln rupees as against 2.78 bln rupees a year ag Managing Director and CEO Amit Syngle said the domestic decorative business delivered 30 percent volume growth, led by a strong performance in premium and luxury portfolios.

Demand conditions continued to exhibit strong recovery across business segments spread over most regions. "The home decor foray of Asian Paints got a big fillip from a strong performance of the home improvement business. The industrial coatings business delivered a robust performance, particularly in protective coatings and auto businesses which rebounded in a big way, benefited by the resurgence in the industrial activity," he said.

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