Asian Paints Ltd has released its financial results for the quarter ended June 30, 2021.
Amit Syngle, Managing Director & CEO of Asian Paints Limited, said: "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 Q1 FY 20, 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. 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. We registered strong growths in April 2021 and a robust resounding rebound in June 2021, post May 2021, which was impacted in a big way. Steep inflation in raw material prices in the last quarter of previous financial year and again in this quarter saw gross margins impacted across all businesses, despite the price increases taken to mitigate this pressure to an extent.
"However, all businesses showed healthy profits compared to first quarter of last year and net profit more than doubled at both Standalone and Consolidated levels. We continue to strongly engage with all our stakeholders and are confident of our organisation’s capability to maximise on the expected uptick in the business conditions as we move forward."
