07.24.19
Asian Paints Ltd announced its financial results for the quarter ended June 30, 2019.
“The decorative business segment in India registered a high double-digit volume growth and delivered strong performance across regions," said K.B.S. Anand, managing director and CEO, Asian Paints Limited. "The automotive coatings JV (PPG-AP) business was affected by the severe slowdown being witnessed in the automobile industry. Even the industrial coatings JV (AP-PPG) business was impacted by demand slowdown. Benign raw material prices, however, supported the margins for the entire coatings business."
Asian Paints Consolidated Results, Q1-FY’20
For the quarter ended June 30, 2019, on the consolidation of accounts of the subsidiaries and associate of Asian Paints – Revenue from operations has risen by 16.6 percent to ₹5,130.63 crores from ₹4,398.59 crores.
Profit before depreciation, interest, tax and other income (PBDIT) for the group increased by 24.4 percent to ₹1,156.25 crores from ₹929.70 crores.
Profit Before Tax (PBT) increased by 20.9 percent to ₹1,022.62 crores from ₹846.12 crores. Net Profit after Minority Interest increased by 17.7 percent to ₹655.44 crores as compared to ₹556.85 crores in the previous corresponding period.
The group has implemented new Accounting Standard 116 ('Ind AS 116'), Leases, with effect from April 1, 2019. The group has implemented the standard by adopting the full retrospective approach. Accordingly, the Consolidated Financial results for the quarter ended June 30, 2019, and all the presented comparative periods comply with Ind AS 116. Consequently, lease rental paid is no longer recognized as other expenses/employee cost. Instead, depreciation on the right of use assets and finance costs on lease liability is recognized in the financial statements. This has no impact on the gross margins earned by the group.
Asian Paints Standalone Results, Q1-FY’20
For the quarter ended June 30, 2019, revenue from operations has increased by 18.2 percent to ₹4,380.16 crores from ₹3,706.24 crores. PBDIT for the quarter increased by 25.2 percent to ₹1,089.85 crores from ₹870.59 crores. Net Profit on a Standalone basis increased by 20.5 percent to ₹652.45 crores from ₹541.64 crores.