Asian Paints Limited., an Indian paints and coatings manufacturer announced its results for the third quarter ended December 31, 2020.
Q3 Results- QoQ
The company’s net profit increased 49.1% to Rs 1238.34 crores for the period ended December 31, 2020 as against net profit of Rs 830.37 crores for the previous quarter.
Net sales grew 27% to Rs 6886.39 crores during the period ended December 31, 2020 as compared to Rs 5432.86 crores during the previous quarter.
Q3 Results- YoY
The company’s net profit grew 62% to Rs 1238.34 crores for the period ended December 31, 2020 as against net profit of Rs 764.43 crores for the prior-year quarter.
Net sales increased 25.4% to Rs 6886.39 crores during the period ended December 30, 2020 as compared to Rs 5490.11 crores during the prior-year quarter.
“Demand conditions continued to exhibit a strong recovery across business segments, spread over most regions in the third quarter of this financial year,” said Amit Syngle, Managing Director & CEO, Asian Paints Limited.
Mr Syngle said that “the domestic Decorative business delivered a powerful performance with more than 30% volume growth led by a strong performance in premium and luxury portfolios. The Home Décor foray of Asian Paints got a big fillip from a strong performance of the Home Improvement business. “
“The Industrial coatings business delivered a robust performance, particularly in Protective coatings and Auto OE businesses which rebounded in a big way, benefited by resurgence in the industrial activity,” Syngle said.
“The International business recorded a double-digit volume growth, strongly led by good growth in Asia and Middle East. Profitability across businesses has been well supported by a good Sales mix and some excellent work in cost optimization & sourcing measures pursued strongly through innovation programs,” he added.