Asian Paints Q3 results: Profit surges 62% to Rs 1,238 crore, beats Street estimates

Asian Paints Q3 results: Profit surges 62% to Rs 1,238 crore, beats Street estimates

Asian Paints on Thursday reported a 62 per cent year-on-year jump in net profit to Rs 1,238.34 crore for the December quarter. The paints manufacturer was expected to post a net profit of Rs 940 crore, according to estimates by 13 brokerages polled by

The company had reported a net profit of Rs 764.43 crore for the corresponding quarter last year.

Profit before tax (PBT) rose 60.5 per cent to Rs 1,696.76 crore in the third quarter of the current financial year, from Rs 1,057.28 crore in the year-ago period, the paints maker said in a filing to BSE.

Demand conditions continued to exhibit strong recovery across business segments, spread over most regions, in the December quarter, Asian Paints Managing Director and CEO Amit Syngle said.

The domestic decorative business, he said, delivered 30 per cent volume growth, led by a strong

performance in premium and luxury portfolios.

“The home decor 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,” he said.

Syngle said that the International business of the company recorded a double-digit volume growth, strongly led by good growth in Asia and Middle East.

Profitability across businesses, he said, has been well-supported by a good sales mix and some cost optimisation and sourcing measures pursued strongly through innovation programs.

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