Asian Paints Limited reports earnings for Q1FY21

Asian Paints Limited today announced their financial results for the quarter ended June 30, 2020.

"After a complete washout in April'20 due to extended Lockdown, the Decorative business segment witnessed improving business conditions over the next two months. Thus, while the quarter ended in a negative territory, the business registered a healthy double digit volume growth in the month of June'20 to end the quarter on a promising note. The other business segments in India including the two industrial coatings business and both the segments in the Home Improvement category also witnessed improving trends in June'20, albeit at a lower pace. The International business portfolio did well supported by favourable operating conditions in markets in Middle East and Africa though key markets of Nepal and Bangladesh in Asia were impacted by the pandemic lockdowns. Profitability across businesses was well supported by the softer raw material prices and the various cost control measures being actively pursued by the Management", said Amit Syngle, Managing Director & CEO of Asian Paints Limited.

- Consolidated Revenue from operations for the Quarter decreases by 42.7%
- Consolidated Net Profit (from continuing operations) for the Quarter down by 67.4%
- Standalone Revenue from operations for the Quarter decreases by 44.1%
- Standalone Net Profit for the Quarter down by 61.4%

Asian Paints Consolidated Results, Q1-FY'21:

For the quarter ended June 30, 2020, on consolidation of accounts of the subsidiaries and associate of Asian Paints - Revenue from operations has decreased by 42.7% to Rs. 2,922.66 crores from Rs. 5,104.72 crores. Profit before depreciation, interest, tax and other income (PBDIT) for the group decreased by 58.2% to Rs. 484.25crores from Rs. 1,157.94 crores. Profit Before Tax (PBT) decreased by 70.2% to Rs. 305.76 crores from Rs. 1,025.24 crores. Net Profit after Minority Interest decreased by 66.7% to Rs. 218.45 crores as compared to Rs. 655.44 crores in the previous corresponding period.

Asian Paints Standalone Results, Q1-FY'21:

For the quarter ended June 30, 2020, Revenue from operations has decreased by 44.1% to Rs. 2,446.56 crores from Rs. 4,380.16 crores. PBDIT for the quarter decreased by 57.2% to Rs. 466.99 crores from Rs. 1089.85 crores. Profit before tax decreased by 65.8% to Rs. 336.97 crores as compared to Rs. 986.31 crores in the previous corresponding period. Net Profit on a Standalone basis decreased by 61.4% to Rs. 251.88 crores from Rs. 652.45 crores.

Shares of ASIAN PAINTS LTD. was last trading in BSE at Rs.1710.95 as compared to the previous close of Rs. 1727.4. The total number of shares traded during the day was 92677 in over 6668 trades.

The stock hit an intraday high of Rs. 1727 and intraday low of 1683. The net turnover during the day was Rs. 157928359.

Source : Equity Bulls

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