Asian Paints profit up 161% at Rs 574 crore, m-cap hits Rs 3 trillion

Firm becomes India's 12th most valuable company after June qtr results beat expectations

The country’s largest paint manufacturer Asian Paints on Tuesday reported a 161 per cent rise in its consolidated profit at Rs 574.30 crore for the first quarter, leading to a 6 per cent rise in its shares on the BSE. Its market value crossed the Rs 3-trillion mark for the first time on Tuesday, making it India’s 12th most valued company.  The stock gained 6.04 per cent to close at Rs 3,159.20 on the BSE. 

During the day, it zoomed 6.66 per cent to Rs 3,178 — its 52-week high. On the NSE, shares of the company jumped 5.46 per cent to close at Rs 3,145.05. In terms of traded volume, 262,000 shares were traded at the BSE and 6.7 million units at the NSE.

Earlier in the day, the company reported a 91.1 per cent jump in its revenue from operations during Q1 to Rs 5,585.36 crore against Rs 2,922.66 crore in the corresponding period of the previous fiscal year. 

The company had posted a profit of Rs 219.61 crore in Q1 last year. 

Asian Paints Managing Director and Chief Executive Officer Amit Syngle said, "The domestic decorative business more than doubled its volume and delivered stellar revenues over the lower base of last year which had suffered from the first nationwide lockdown."