Mumbai11 hours ago
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Domestic paint company Asian Paints has released its June quarter results on Tuesday. The company has made a consolidated profit of Rs 570 crore during April-June. The company had a profit of Rs 218 crore in the year-ago quarter. The company’s income in the first quarter stood at Rs 5580 crore as against Rs 2925 crore a year ago.
According to exchange data, Asian Paints’ EBITDA increased from Rs 484 crore to Rs 1,200 crore. EBita margin has also increased to 21.7% from 16.5% yoy.
Paint business revenue increased by more than 90%
The company’s paint business revenue grew 90.4% to Rs 5,464.7 crore as against 2,870.6 crore in the year-ago quarter. The ABIT of the paint business also increased from Rs 371.6 crore to Rs 809.1 crore. Margins have also gone up to 14.8%, from 12.9% last year.
A year ago, the effect of the strict lockdown also affected the business.
Amit Singal, Managing Director and CEO, Asian Paints, said that the home decor business has grown at twice its volume and delivered stellar revenues as compared to last year’s lows. A year ago, in the June quarter, during April-May, there was a strict lockdown across the country. This had a negative impact on the business of the company.
In the stock market, the share of Asian Paints is trading at Rs 3,143.3, up 5.4% on the NSE.