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"We have seen a very strong quarter aided by good demand across rural and urban areas at the country level," said Amit Syngle, managing director & CEO.
May 12, 2021
By: Anthony Locicero
Copy Editor, New York Post
Asian Paints announced its financial results for the quarter and 12 months ended March 31, 2021.
“We have seen a very strong quarter aided by good demand across rural and urban areas at the country level. On the heels of a healthy Q2 and Q3 recovery, this quarter saw exceptional growth across businesses and consumer segments. This quarter the performance has been outstanding, discounting even the slightly lower base last year same quarter,” said Amit Syngle, managing director & CEO, Asian Paints Limited.
“The domestic Decorative business delivered a stellar performance registering a 48% volume growth in the quarter, led by robust growth in the premium and luxury product range. The Home Improvement business also grew in a big way, registering record sales for the quarter aided by the foray into the Home Décor business. The Industrial coatings business delivered a robust performance, particularly in Protective coatings and Refinish segments supported by the uptick in the industrial activity. The International business continued to record an exceptional double-digit volume growth, led by good growth in Asia and the Middle East. The huge inflationary trend in raw material prices has been worrying, however, its impact on profitability has been negated with some path-breaking work on sourcing and cost optimization. The current business environment is unprecedented, and we would continue to strongly engage with all our stakeholders taking all necessary measures to tackle this uncertainty”
Asian Paints Consolidated Results, Q4-FY’21:
For the quarter ended March 31, 2021, on consolidation of accounts of the subsidiaries and associate of Asian Paints – Revenue from operations has risen by 43.5% to ₹6,651.43 crores from ₹4,635.59 crores. Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) increased by 53.4% to ₹1318.26 crores from ₹859.62 crores. Profit Before Tax (from continuing operations) increased by 65.4% to ₹1,156.31 crores from ₹699.22 crores. Net Profit after Non- controlling Interest (from continuing operations) increased by 84.5% to ₹852.13 crores as compared to ₹ 461.89 crores in the previous corresponding period.
Asian Paints Consolidated Results, 12M-FY’21:
For the 12 months ended March 31, 2021, Asian Paints Group Revenue from operations has increased by 7.4 % to ₹21,712.79 crores from ₹20,211.25 crores. PBDIT for the group (before share in profit of associates) has increased by 16.7% to ₹4,855.60 crores from ₹4,161.77 crores. Profit Before Tax (from continuing operations) increased by 18.4% to ₹4,304.35 crores from ₹3,633.99 crores. Net Profit after Non-controlling Interest (from continuing operations) increased by 15.8% to ₹3,139.29 crores as compared to ₹2,710.12 crores in the previous corresponding period. After adjusting the effect of change in tax rates in FY 2019-20 in India as well as change in the tax rates in certain subsidiaries in FY 20-21, growth in Net Profit is in line with growth in Profit Before Tax.
Asian Paints Standalone Results, Q4-FY’21:
For the quarter ended March 31, 2021, Revenue from operations increased by 46.2% to ₹5,670.78 crores from ₹3,879.01 crores. PBDIT for the quarter increased by 64.6% to ₹1,222.42 crores from ₹742.63 crores. Profit Before Tax increased by 79.1% to ₹1,103.50 crores as compared to ₹616.26 crores in the previous corresponding period. Net Profit increased by 81.3% to ₹819.60 crores as compared to ₹452.09 crores in the previous corresponding period.
Asian Paints Standalone Results, 12M-FY’21:
For the 12 months ended March 31, 2021, Revenue from operations increased by 7.7% to ₹18,516.86 crores from ₹17,194.09 crores. PBDIT for the period increased by 17.5% to ₹4,493.19 crores from ₹3,823.84 crores. Profit Before Tax on a standalone basis increased by 19.8% to ₹4,090.38 crores as compared to ₹3,413.03 crores in the previous corresponding period. Net Profit increased by 15% to ₹3,052.51 crores as compared to ₹2,653.95 crores in the previous corresponding period. After adjusting the effect of change in tax rates in FY 2019-20, growth in Net Profit is in line with growth in Profit Before Tax.
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