Asian Paints Ltd., a paints and coatings manufacturer based in India announced its results for the second quarter ended September 30, 2021.
Q2 Results- QoQ
The company’s net profit grew 4.8% to Rs 595.96 crores ($79.7 million) for the period ended September 30, 2021 as against net profit of Rs 568.5 crores ($76 million) for the previous quarter.
Net sales increased 27.5% to Rs 7234.21 crores ($967 million) during the period ended September 30, 2021 as compared to Rs 5674.97 crores ($758.6 million) during the previous quarter.
Q2 Results- YoY
The company’s net profit dropped 28.2% to Rs 595.96 crores ($79.7 million) for the period ended September 30, 2021 as against net profit of Rs 830.37 crores ($111 million) for the prior-year quarter.
Net sales grew 33.2% to Rs 7234.21 crores ($967 million) during the period ended September 30, 2021 as com-pared to Rs 5432.86 crores ($726.2 million) during the prior-year quarter.
Half-Year Results- YoY
The company’s net profit grew 11% to Rs 1164.46 crores ($155.7 million) for the 6 months period ended September 30, 2021 as against net profit of Rs 1048.82 crores ($140.2 million) for the prior-year 6 months period.
Net sales increased 53.6% to Rs 12,909.18 crores ($1.72 billion) during the 6 months period ended Septem-ber 30, 2021 as compared to Rs 8402.61 crores ($1.12 billion) during the prior-year 6 months period.
“Steep inflation seen in raw material prices, since the beginning of this calendar year, has been phenomenal and has impacted gross margins across all businesses in the quarter,” Asian Paints MD and CEO Amit Syngle said.
Syngle said the domestic decorative business continued to “move ahead on its high growth trajectory with an unprecedented 34 per cent volume growth in the quarter and a strong compounded growth rates over the last two years”.
“Performance in the international business was a mixed bag with good growth in the South Asian markets, while markets in the Middle East and Africa were sluggish with challenges around Covid-19 and forex (foreign exchange) availability,” Syngle said.