Asian Paints Ltd on Wednesday reported an 81.13 per cent jump in its consolidated net profit to Rs 869.89 crore for the fourth quarter ended March 31, 2021, helped by volume growth in the domestic as well as in the international market.
The company had posted a net profit of Rs 480.25 crore during the January-March quarter of the previous fiscal, Asian Paints said in a regulatory filing.
Its revenue from operations was up 43.49 per cent at Rs 6,651.43 crore during the quarter under review as against Rs 4,635.59 crore in the corresponding period of the previous fiscal.
Commenting on the results, Asian Paints Managing Director & CEO Amit Syngle 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," he said.
Total expenses were at Rs 5,576.38 crore in Janauary-March FY21, up 39.54 per cent compared to Rs 3,996.13 crore in the year-ago period.
Its revenue from the paints business was at Rs 6,467.20, up 42.67 per cent during the quarter as against Rs 4,532.88 crore.
"The domestic Decorative business delivered a stellar performance registering a 48 per cent volume growth in the quarter, led by a robust growth in the premium and luxury product range," said Syngle.
While revenue from Home Improvement was Rs 185.88 crore, up 80.98 per cent as against Rs 102.71 crore.
"The Home Improvement business also grew in a big way, registering record sales for the quarter aided by the foray into the Home Décor business," he said.
Asian Paints International business portfolio continued to record exceptional double-digit volume growth, led by good growth in Asia and the 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," its said.
For the fiscal year 2020-21 ended on March 31, 2021, Asian Paints' net profit was up 15.59 per cent at Rs 3,206.75 crore. It was Rs 2,774.19 crore in the previous year.
Its revenue from operations in the fiscal was up 7 per cent to Rs 21,712.79 crore. It was Rs 20,211.25 crore in 2019-20.
Meanwhile, in a separate filing, Asian Paints on Wednesday recommended a final dividend of 1,450 per cent, which is Rs 14.50 per equity share of the face value of Re.1 each for the financial year ended March 31, 2021.
Over the present condition, Syngle said: "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" Shares of Asian Paints Ltd closed at Rs 2,556.10 on BSE, down 0.02 per cent from the previous close.