Asian Paints reported a decline of 67 per cent in its consolidated profit in the first quarter of the financial year 2020-21. Its profit after tax (PAT) stood at Rs 219.61 crore as against Rs 672.09 crore it had registered in the corresponding quarter previous fiscal.
The company’s net income stood at Rs 2,969.75 crore in Q1 FY21, a dip of 43 per cent from Rs 5,178.24 crore it recorded in the similar quarter last year.
Revenue from the paints segment stood at Rs 2,870.57 crore in the first quarter as against Rs 4,996.88 in Q1 FY20. While the revenue from home improvement segment was Rs 52.09 crore.
“After a complete washout in April 2020 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 2020 to end the quarter on a promising note.
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.