Asian Paints' net profit drops 29% on high raw material prices
Its consolidated revenue from operations in the second quarter stood at ₹7,096.01 crore, against ₹5,350.23 crore a year ago.
The company said its total expenses in the second quarter stood at ₹6,418.17 crore as compared with ₹4,299.12 crore in the same period last fiscal. Of this, cost of materials consumed was at ₹4,570.53 crore as compared to ₹2,646.49 crore in the year-ago quarter, the company said.
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The company has taken a series of price increases and would look at further price increase to mitigate the impact of this persistently high inflation, he said adding that the company is confident that it should be able to turn this around strongly in the coming quarter.
Syngle said the domestic decorative business continued to "move ahead on its high growth trajectory with an unprecedented 34 per cent volume growth in the quarter and a strong compounded growth rates over the last two years".
The industrial coatings business also registered strong double-digit revenue growth, led by robust demand for protective coatings and uptick in the automotive sector. The home improvement business continued to scale up in a significant manner, registering its highest quarterly revenues, aided by strong alignment with the projects business, he added.
"Performance in the international business was a mixed bag with good growth in the South Asian markets, while markets in the Middle East and Africa were sluggish with challenges around COVID-19 and forex (foreign exchange) availability," Syngle said.
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