Asian Paints was up 0.12% at Rs 1813, coming off day's low after the company announced Q3 December 2019 results during trading hours today, 22 January 2020.
On a consolidated basis, Asian Paints' net profit rose 20.23% to Rs 764.43 crore in Q3 December 2019 over Q3 December 2018. Revenue from operations increased by 3% to Rs 5,420.28 crore in Q3 December 2019 compared to Q3 December 2018.Profit before tax (PBT) stood at Rs 1,057.28 crore in Q3 December 2019 as against Rs 975.01 crore in Q3 December 2018, registering a rise of 8.4%.
Total tax expense fell 15.09% to Rs 277.57 crore year-on-year (YoY). The company has opted for the lower tax rate of 25.17% as permitted under Taxation Laws (Amendment) Ordinance, 2019.
Commenting on company's Q3 performance, K.B.S. Anand, Managing Director & CEO, Asian Paints said, "The decorative business segment in India registered a low double digit volume growth, impacted by the slowdown in the overall economy. Automotive coatings JV (PPG-AP) business continued to be impacted by the downturn in the automobile industry while the Industrial Coatings JV (AP-PPG) business saw some demand pick-up in the Protective Coatings segment. Benign raw material prices benefited the entire coatings business. International operations performance was impacted by challenging business conditions in some key units in GCC and Sri Lanka. Both the segments in the Home Improvement category viz. the Kitchen and Bath business, continue to be impacted by the slowdown in the real estate construction space."
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. Asian Paints along with its subsidiaries have operations in 15 countries across the world with 26 paint manufacturing facilities, servicing consumers in over 60 countries. Asian Paints is also present in the home improvement and dor space in India through Sleek (kitchens) and Ess Ess (bath fittings).
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