You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Paint makers tumble after Asian Paints posts weak Q2 numbers

Capital Market 

Shares of five paint makers fell by 0.62% to 6.01% after the paint major's net profit tumbled 28.2% in Q2 FY22 over Q2 FY21.

Berger Paints (down 6.01%), Asian Paints (down 5.12%), Asahi Songwon Colors (down 2.07%), Shalimar Paints (down 1.34%) and AkzoNobel India (down 0.62%) declined.

On a consolidated basis, Asian Paints' revenue from operations has increased by 32.6% to Rs 7,096.01 crore in Q2 September 2021 from Rs 5,350.23 crore in Q2 September 2020. Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) decreased by 28.5% to Rs 904.45 crore from Rs 1265.20 crore. Profit Before Tax (PBT) decreased by 27.9% to Rs 826.24 crore from Rs 1,145.52 crore. Net profit after non-controlling interest decreased 28.2% to Rs 595.96 crore as compared to Rs 830.37 crore in the previous corresponding period.

Meanwhile, firm crude oil prices also put pressure on paint makers.

In the commodities market, Brent crude for December 2021 settlement was down 85 cents or 0.99% to $84.97 a barrel.

Higher crude oil increases input costs for paint companies, which use crude derivatives.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 21 2021. 15:10 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU