Asian Paints Ltd announced its financial results for the quarter and 12 months ended March 31, 2020.

“Loss of sales due to the lockdown in March impacted the Decorative business segment in an otherwise strong quarter with double-digit volume growth in the first two months of the quarter. Even with the loss of sales, the Decorative business segment in a tough year has registered double-digit volume growth for the year and strong profit numbers. The Industrial business segment under the Automotive coatings JV (PPG-AP) and Industrial Coatings JV (AP-PPG) continued to be impacted by the downturn in the automotive industry and the overall slowdown in the economy,” said Amit Syngle, managing director & CEO, Asian Paints Limited. “Both the segments in the Home Improvement category viz. the Kitchen (Sleek) and Bath (Ess Ess) business, continued to be impacted by the slowdown in the real estate construction space. The complete shutdown of business in the last few days of March further added to the pressure for these businesses. The International business portfolio did well, supported by growth from markets in Ethiopia, Egypt, UAE and Nepal. However, key units of Sri Lanka and Bangladesh were impacted due to the lockdown conditions. Profitability across businesses was well supported by the benign raw material prices and cost optimization efforts.

“Asian Paints being a ‘Responsible and Caring’ brand has taken various initiatives like the launch of Viroprotek range of hand sanitizers and surface disinfectants, the launch of ‘Safe Painting’ campaign and the ‘San Assure’ service, to give assurance to customers and energize the current consumer sentiment,” Syngle added.

For the quarter ended March 31, 2020, on the consolidation of accounts of the subsidiaries and associates of Asian Paints – Revenue from operations has decreased by 7.1percent to ₹4,635.59 crores from ₹4,991.50 crores. Profit before depreciation interest and tax (PBDIT) for the group decreased by three percent to ₹859.62 crores from ₹886.41 crores. Profit before tax (PBT) decreased by 5.7 percent to ₹699.22 crores from ₹741.35 crores. Net Profit after non-controlling interest decreased by 2.1 percent to ₹461.89 crores as compared to ₹471.65 crores in the previous corresponding period.

For the 12 months ended March 31, 2020, Asian Paints Group Revenue from operations has increased by five percent to ₹20,211.25 crores from ₹19,248.45 crores. PBDIT for the group has increased by 10.5 percent to ₹4,161.77 crores from ₹3,765.54 crores. Profit before tax (PBT) increased by 9.7 percent to ₹3,633.99 crores from ₹3,311.90 crores. Net Profit after non-controlling interest increased by 25.5 percent to ₹2,705.17 crores as compared to ₹2,155.92 crores in the previous corresponding period.

Further, the net assets and net liabilities as of March 31, 2019, have increased by ₹616.77 crores and ₹667.71 crores respectively.

For the quarter ended March 31, 2020, Revenue from operations decreased by 8.4 percent to ₹3,879.01 crores from ₹4,235.32 crores. PBDIT for the quarter decreased by 9.4 percent to ₹742.63 crores from ₹819.90 crores. Profit before tax decreased by 13.5 percent to ₹616.26 crores as compared to ₹712.45 crores in the previous corresponding period.

For the 12 months ended March 31, 2020, Revenue from operations increased by 4.9 percent to ₹17,194.09 crores from ₹16,391.78 crores. PBDIT for the period increased by 9.1 percent to ₹3823.84 crores from ₹3504.81 crores. Profit before tax increased by 7.7 percent to ₹3,413.03 crores as compared to ₹3,170.25 crores in the previous corresponding period.

Further, the net assets and net liabilities as of March 31, 2019, have increased by ₹ 530.52 crores and ₹575.12 crores respectively due to the implementation of Ind AS 116.