Asian Paints declined 1% to Rs 1,712.5 after the company's consolidated net profit tumbled 67% to Rs 218.45 crore in Q1 June 2020 from Rs 655.44 crore in Q1 June 2019.
Consolidated revenue from operations stood at Rs 2922.66 crore in Q1 June 2020, falling nearly 43% from Rs 5104.72 posted in the same period last year. The result was announced during market hours today, 24 July 2020.Profit before tax stood at Rs 305.76 crore in Q1 June 2020, falling 70% from Rs 1025.24 crore in Q1 June 2019. Total tax expense fell 75% year on year to Rs 86.15 crore in Q1 June 2020.
Commenting on company's Q1 performance, Amit Syngle, managing director & CEO of Asian Paints said, "After a complete washout in April 2020 due to extended lockdown, the decorative business segment witnessed improving business conditions over the next two months. Thus, while the quarter ended in a negative territory, the business registered a healthy double digit volume growth in the month of June'20 to end the quarter on a promising note. The other business segments in India including the two industrial coatings business and both the segments in the Home Improvement category also witnessed improving trends in June'20, albeit at a lower pace. The International business portfolio did well supported by favourable operating conditions in markets in Middle East and Africa though key markets of Nepal and Bangladesh in Asia were impacted by the pandemic lockdowns. Profitability across businesses was well supported by the softer raw material prices and the various cost control measures."
Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world.
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