Asian Paints Ltd. has announced growth in net profit for its fourth quarter and full-year ended 31 March 2020-21.
The company’s net profit grew 84.5% to Rs 852.13 crore ($115.8 million) in fourth quarter 2020-21 compared to prior year quarter’s Rs 461.89 crore ($62.7 million).
Revenue from operations grew 43.4% to Rs 6726.84 crore ($913.8 million) in the quarter compared with Rs 4691.39 crore ($637.3 million) in the prior year quarter.
Full-Year Results
For the year ending March 31, 2021, Paushak’s net profit increased 16.1% to Rs 3139.29 crore (426.5 million) as compared with Rs 2705.17 crore ($367.5 million) the prior year.
Full-year revenue from operations in 2020-21 saw 7.3% growth at Rs 22,015.84 crore ($2.99 billion) as against Rs 20,515.56 crore ($2.78 billion) in 2019-20.
“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 a 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 Middle East,” he added.
“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,” he said.