Asian Paints rallies 7%, hits record high as Q1 profit beats estimate

The domestic decorative business more than doubled its volume and delivered stellar revenue growth on a low base

Shares of Asian Paints moved higher by 7 per cent at Rs 3,178, hitting a fresh record high on the BSE in the intra-day trade on Tuesday, after the company reported a better-than-expected consolidated profit after tax (PAT) of Rs 574 crore for the quarter ended June 2021 (Q1FY21) on the back of a strong operational income. The company had posted PAT of Rs 218.45 crore in the previous corresponding period (Q1FY20).

The stock surpassed its previous high of Rs 2,979.35, touched on June 22, 2021. At 02:50 pm, it was trading 6 per cent higher at Rs 3,153.