Asian Paints announced Q2 Finance report on 1.2% YoY change to Rs 852 crore

Asian Paints announced Q2 Finance report on 1.2% YoY change to Rs 852 crore 

The company announced Q2 Finance results report a net profit of 1.2% percent increase on year-on-year to Rs.852 crore.  

Asian Paints total revenue rise 5.9% percent to Rs.5,35.23 crore for last year the same quarter Rs.5,050.66 crore. PBDIT (Profit before depreciation, interest, tax, and income) the company growth 32.5% percent to Rs.1,265.20 crore as against last year the same quarter Rs.953.80 crore.

The Net Profit after Non-controlling interest increase by 0.5% to Rs.830 crore. 

This year six month ended September 20,2020, Asian Paints total operating revenue decreased by 18.5% ti Rs.8,272.89 crore from Rs.10,155.38 crore. The PBDIT has decreased by 17.2% percent to Rs.1,749.45 crore from Rs.2,112.76. 

Asian Paints Ltd Managing Director & CEO of Amit Syngle said’ “All the business segments continued to witness improving demand conditions on a progressive basis during the second quarter of this Finance year. The Decorative business segment registered good volume growths for each of the quarter with demand picking up across regions. The other business segments in India including the two industrial coating businesses and both the segments in the home improvement category also experienced improving trends in line with the phased-out re-opening of the economy. The International business portfolio did well supported by favorable market conditions in the Middle East, Africa, and Asia, with the exception of Nepal, which continued to witness challenging business conditions due to the pandemic. Profitability across businesses was well supported by a better product mix, the stable raw material prices, favorable foreign exchange rate, and the large number of cost optimization measures put in place by the management’.

The company announced an interim Dividend declared Rs.3.35 per equity shares.

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