The company reported a consolidated profit of Rs 870 crore for the quarter, up from Rs 480 crore during the same period last year.
Revenue improved to Rs 6,651 crore, a growth of 43 per cent on-year albeit on a low base as sales were impacted for the last two weeks in March 2020 due to the Covid-19 pandemic.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 53 per cent to Rs 1,318 crore while EBITDA margin improved by 127 basis points to 19.8 per cent.
“The domestic decorative business delivered a stellar performance registrering a 48 per cent volume growth in the quarter, led by a robust growth in the premium and luxury product range,” Amit Syngle, managing director and chief executive officer, Asian Paints said in a press statement.
“The huge inflationary trend in raw material prices has been worrying, however, its impact on profitability has been negated with some path-breaking work on sourcing and cost optimisation,” he said.
The stock of Asian Paints climbed marginally to close at Rs 2,560.15 per share on the BSE on Wednesday compared to a 0.96 per cent decline in the benchmark Sensex. The earnings were announced in the final minutes of the trading hours.
Asian Paints announced a final dividend of Rs 14.5 per share bringing the total dividend for FY21 to Rs 17.85.
For the complete financial year, the company reported a consolidated profit of Rs 3,207 crore, up 15 per cent over the preceding year. Revenue grew 7 per cent to Rs 21,713 crore, despite the impact of the pandemic.
