Coatings World staff07.24.20
Asian Paints Limited announced its financial results for the quarter ended June 30, 2020.
“After a complete washout in April 2020 due to extended lockdown, the Decorative business segment witnessed improving business conditions over the next two months. Thus, while the quarter ended in negative territory, the business registered a healthy double-digit volume growth in the month of June 2020 to end the quarter on a promising note," said Amit Syngle, managing director & CEO of Asian Paints Limited. "The other business segments in India including the two industrial coatings business and both the segments in the Home Improvement category also witnessed improving trends in June 2020, albeit at a slower pace.
"The International business portfolio did well supported by favourable operating conditions in markets in the Middle East and Africa, though key markets of Nepal and Bangladesh in Asia were impacted by the pandemic lockdowns. Profitability across businesses was well supported by the softer raw material prices and the various cost control measures being actively pursued by the management."
Asian Paints Consolidated Results, Q1-FY’21:
For the quarter ended June 30, 2020, on consolidation of accounts of the subsidiaries and associate of Asian Paints – Revenue from operations has decreased by 42.7 percent to ₹2,922.66 crores from ₹5,104.72 crores. Profit before depreciation, interest, tax and other income (PBDIT) for the group decreased by 58.2 percent to ₹484.25 crores from ₹1,157.94 crores. Profit Before Tax (PBT) decreased by 70.2 percent to ₹305.76 crores from ₹1,025.24 crores. Net Profit after Minority Interest decreased by 66.7 percent to ₹218.45 crores as compared to ₹655.44 crores in the previous corresponding period.
Asian Paints Standalone Results, Q1-FY’21:
For the quarter ended June 30, 2020, Revenue from operations has decreased by 44.1 percent to ₹2,446.56 crores from ₹4,380.16 crores. PBDIT for the quarter decreased by 57.2 percent to ₹466.99 crores from ₹1089.85 crores. Profit before tax decreased by 65.8 percent to ₹336.97 crores as compared to ₹986.31 crores in the previous corresponding period. Net Profit on a Standalone basis decreased by 61.4 percent to ₹251.88 crores from ₹652.45 crores.