August 9, 2020

Asian Paints Q1 outcomes: Web revenue plunges 67% YoY; paints maker says June noticed demand restoration

Asian Paints on Friday stated its consolidated revenue for June quarter plunged 66.7 per cent year-on-year (YoY) to Rs 218.45 crore from Rs 655.44 crore in the identical quarter final 12 months.

Income from operations, the corporate stated, tanked 42.7 per cent to Rs 2,922.66 crore for the quarter in contrast with Rs 5,104.72 crore within the year-ago quarter.

Revenue earlier than tax (PBT) fell 70.2 per cent for the quarter to Rs 305.76 crore from Rs 1,025.24 crore, the paints maker stated.

Managing Director & CEO Amit Syngle stated that the ornamental enterprise phase witnessed bettering enterprise situations in Could and June after an entire washout in April resulting from prolonged lockdown.

The enterprise registered a wholesome double-digit quantity development within the month of June to finish the quarter on a promising notice, Syngle stated.

“The opposite enterprise segments in India, together with the 2 industrial coatings enterprise and each the segments within the dwelling enchancment class additionally witnessed bettering traits in June, albeit at a decrease tempo,” Syngle stated.

The corporate stated its worldwide enterprise portfolio did effectively, supported by beneficial working situations in markets in Center East and Africa.

“Profitability throughout companies was effectively supported by the softer uncooked materials costs and the varied price management measures being actively pursued by the administration,” the corporate stated.