Asian Paints third quarter net profit jumps 62% to Rs 1,265 crore

Asian Paints | File photo

Asian Paints on Thursday reported a 62.28 per cent jump in its consolidated profit to Rs 1,265.35 crore for the third quarter ended December 31, 2020.

The company had posted a profit of Rs 779.71 crore during the same period of previous fiscal.

Revenue from operations for October-December quarter stood at Rs 6,886.39 crore, up 25.43 per cent, as against Rs 5,490.11 crore reported in the same period of 2019-20 fiscal, Asian Paints Ltd said in a regulatory filing.

Amit Syngle, Managing Director & CEO, Asian Paints said demand conditions continued to exhibit a strong recovery across business segments, spread over most regions in the third quarter of this financial year.

"The domestic decorative business delivered a powerful performance with more than 30 per cent volume growth led by a strong performance in premium and luxury portfolios. The Home Dcor foray of Asian Paints got a big fillip from a strong performance of the Home Improvement business".

Syngle said the international business recorded a double-digit volume growth, strongly led by good growth in Asia and Middle East.

"Profitability across businesses has been well supported by a good sales mix and some excellent work in cost optimization & sourcing measures pursued strongly through innovation programs," he added.

Shares of Asian Paints closed 0.62 per cent higher at Rs 2,714.65 apiece on BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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