The share price of Asian Paints surged 11 percent on Friday after the company reported better-than-expected earnings for the March quarter. The company reported an 81.13 percent jump in its consolidated net profit to Rs 869.89 crore in Q4 helped by volume growth in the domestic as well as in the international market.
Detailing the numbers, Amit Syngle, MD & CEO of the company said that growth during Q4 excluding base effect, is at 30-35 percent.
“The overall performance in Q4 has been very strong. In January and February, we have grown by more than 20 percent. March was a little bit depressed last year because of the lockdown in the last 2 weeks of March and therefore the March growth is very high. But we have seen very healthy growth all across the 3 months,” he said in an interview with CNBC-TV18.
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He also said that though the company faced some disruptions in the month of April, it has been normal so far. However, he said that May is looking tough given lockdowns across the country.
“When we look at April and May now, April has been pretty good. Some disturbances which came in early from Maharashtra lockdown and Karnataka going down under, by and large we have been able to sustain April quite well. However, May is looking far more difficult because it is practically like a lockdown across the country. But the good part is that we are still running our plants and we are able to supply to some of the geographies,” he said.
According to Syngle, last year tier 3 and 4 cities were doing well, but this time they are more affected by the pandemic. However, he believes that metros will recover will faster than rural areas this time.
He also said that Asian Paints has taken a 2.8 percent price increase from May and is hoping to be able to pass on some more costs as things open up.Watch the video for more.