India's largest decorative paints company Asian Paints reported its consolidated net profit at Rs 672.09 crore, an increase of 18 percent year-on-year (YoY).
The company’s revenue jumped to Rs 5,130.63 crore as against Rs 4,398.59 crore in the corresponding quarter last year. Earnings before interest, tax, depreciation and amortization saw a jump of 24 percent YoY at Rs 1,229.81 crore.
"The decorative business segment in India registered a high double-digit volume growth and delivered strong performance across regions. The Automotive coatings JV business was affected by the severe slowdown being witnessed in the automobile industry. Even the Industrial Coatings JV business was impacted by demand slowdown. Benign raw material prices, however, supported the margins for the entire coatings business”, said KBS Anand, Managing Director & CEO, Asian Paints.
At 1:37 pm, the share price was trading higher by 0.56 percent to Rs 1,437.30 per share on the NSE.