On a consolidated basis, the paint major's net profit surged 81.13% to Rs 869.89 crore on 43.48% jump in revenue from operations to Rs 6,651.43 crore in Q4 FY21 over Q4 FY20.
Profit before tax soared 65.37% to Rs 1,156.31 crore in Q4 March 2021 as against Rs 699.22 crore in Q4 March 2020. Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) increased 53.4% to Rs 1318.26 in Q4 March 2021 crore from Rs 859.62 crore in Q4 March 2020.
The company's net profit climbed 15.59% to Rs 3,206.75 crore on a 7.42% rise in revenue from operations to Rs 21,712.79 crore in FY21 over FY20. PBDIT for the group (before share in profit of associates) climbed 16.7% to Rs 4,855.60 crore in FY21 from Rs 4,161.77 crore in FY20. Profit before tax (from continuing operations) jumped 18.4% to Rs 4,304.35 crore in FY21 from Rs 3,633.99 crore in FY20. After adjusting the effect of change in tax rates in FY 2019-20 in India as well as change in the tax rates in certain subsidiaries in FY 2020-21, growth in net profit is in line with growth in profit before tax.
Commenting on the Q4 performance, Amit Syngle, managing director (MD) and chief executive officer (CEO) of Asian Paints, said: "We have seen a very strong quarter aided by good demand across rural and urban areas at the country level. On the heels of a healthy Q2 and Q3 recovery, this quarter saw exceptional growth across businesses and consumer segments. This quarter the performance has been outstanding, discounting even the slightly lower base last year same quarter. The domestic Decorative business delivered a stellar performance registering a 48% volume growth in the quarter, led by a robust growth in the premium and luxury product range. The Home Improvement business also grew in a big way, registering record sales for the quarter aided by the foray into the Home Dor business."
"The Industrial coatings business delivered a robust performance, particularly in Protective coatings and Refinish segments supported by the uptick in the industrial activity. The International business continued to record an exceptional double-digit volume growth, led by good growth in Asia and Middle East. The huge inflationary trend in raw material prices has been worrying, however, its impact on profitability has been negated with some path-breaking work on sourcing and cost optimization. The current business environment is unprecedented, and we would continue to strongly engage with all our stakeholders taking all necessary measures to tackle this uncertainty."
The board has recommended a final dividend of Rs 14.50 per equity share or the financial year ended March 2021.
Asian Paints is a leading paint company of India. The company along with its subsidiaries has operations in 15 countries across the world with 26 paint manufacturing facilities, servicing consumers in over 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints is also present in the Home Improvement and Dor space in India through Sleek (Kitchens, Wardrobes) and Ess Ess (Bath Fittings & Sanitaryware).
Shares of Asian Paints fell 0.02% to Rs 2,556.10 on BSE. The stock hit an intraday low of Rs 2,530.25 and an intraday high of Rs 2,588.55 so far.
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