Asian Paints Reports Rs 830 Cr Net Profit in Q2 FY20-21

Asian Paints Ltd., a leading paints and coatings manufacturer announced its results for the second quarter ended September 30, 2020.

Q2 Results- QoQ

The company’s net profit grew 280.1% to Rs 830.37 crores for the period ended September 30, 2020 as against net profit of Rs 218.45 crores for the previous quarter.

Net sales increased 83.1% to Rs 5,350.23 crores during the period ended September 30, 2020 as compared to Rs 2922.66 crores during the previous quarter.

Q2 Results- YoY

The company’s net profit grew 0.5% to Rs 830.37 crores for the period ended September 30, 2020 as against net profit of Rs 826.29 crores for the prior-year quarter.

Net sales grew 5.9% to Rs 5,350.23 crores during the period ended September 30, 2020 as compared to Rs 5050.66 crores during the prior-year quarter.

Half-Year Results- YoY

The company’s net profit declined 29.4% to Rs 1048.82 crores for the 6 months period ended September 30, 2020 as against net profit of Rs 1484.81 crores for the prior-year 6 months period.

Net sales declined 18.5% to Rs 8272.89 crores during the 6 months period ended Septem-ber 30, 2020 as compared to Rs 10,155.38 crores during the prior-year 6 months period.

Amit Syngle, Managing Director & CEO, Asian Paints said, “All the business segments continued to witness improving demand conditions on a progressive basis during the second quarter of this financial year. The Decorative business segment registered good volume growths for each of the months and therefore a healthy double digit volume growth for the quarter with demand picking up across regions. The other business segments in India including the two industrial coatings business and both the segments in the Home Improvement category also experienced improving trends in line with the phased out re-opening of the economy.”

“The International business portfolio did well supported by favourable market conditions in Middle East, Africa and Asia, with the exception of Nepal, which continued to witness challenging business conditions due to the pandemic. Profitability across businesses was well supported by a better product mix, the stable raw material prices, favourable foreign exchange rate and the large number of cost optimization measures put in place by the Management,” Syngle added.