Asian Paints third quarter net profit jumps 62% to Rs 1,265 crore

The results are for third quarter ended December 31, 2020

Asian Paints on Thursday reported a 62.28 per cent jump in its consolidated profit to Rs 1,265.35 crore for the third quarter ended December 31, 2020.

The company had posted a profit of Rs 779.71 crore during the same period of previous fiscal.

Revenue from operations for October-December quarter stood at Rs 6,886.39 crore, up 25.43 per cent, as against Rs 5,490.11 crore reported in the same period of 2019-20 fiscal, Asian Paints Ltd said in a regulatory filing.

Amit Syngle, Managing Director & CEO, Asian Paints said demand conditions continued to exhibit a strong recovery across business segments, spread over most regions in the third quarter of this financial year.

"The domestic decorative business delivered a powerful performance with more than 30 per cent volume growth led by a strong performance in premium and luxury portfolios. The Home Dcor foray of Asian Paints got a big fillip from a strong performance of the Home Improvement business".

Syngle said the international business recorded a double-digit volume growth, strongly led by good growth in Asia and Middle East.

"Profitability across businesses has been well supported by a good sales mix and some excellent work in cost optimization & sourcing measures pursued strongly through innovation programs," he added.

Shares of Asian Paints closed 0.62 per cent higher at Rs 2,714.65 apiece on BSE.