Asian Paints on Friday reported 67.32 per cent decline in consolidated net profit to Rs 219.61 crore for the first quarter ended June 30, due to complete washout of business in April.
The company had posted a net profit of Rs 672.09 crore during April-June quarter of the previous fiscal, Asian Paints said in a regulatory filing.
Its revenue from operations was down 42.74 per cent at Rs 2,922.66 crore during the quarter under review as against Rs 5,104.72 crore in the same period previous fiscal.
"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," Asian Paints Managing Director & CEO Amit Syngle said.
Asian Paints total expenses stood at Rs 2,649.71 crore in Q1 FY2020-21, down 36.38 per cent from Rs 4,165.19 crore.
Its revenue from Paints was at Rs 2,870.57, down 42.55 per cent during the quarter as against Rs 4,996.88 crore.
Revenue from Home Improvement was at Rs 52.09 crore compared to Rs 107.84 crore last year.
"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," Syngle said.
Asian Paints 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, he added.
"Profitability across businesses was well supported by the softer raw material prices and the various cost control measures being actively pursued by the Management," Syngle said.
Shares of Asian Paints Ltd were on Friday closed at Rs 1,710.95 on the BSE, down 0.95 per cent from previous close.
