Asian Paints Q2 net profit fell 42.4% YoY to ₹694.6 crore, citing subdued demand, extended rains, and floods.
By ET Bureau | Updated:
ETMarkets.com
Asian Paints on Saturday reported a 42.4% YoY drop in Q2 net profit, which the paint industry bellwether attributed to a "subdued demand environment".
Net profit after minority interest declined to ₹694.60 crore in July-September quarter from ₹1,205.40 crore during the corresponding period of last fiscal year. Consolidated net sales decreased 5.3% to ₹8,003.0 crore from ₹8,451.9 crore.
"Domestic decorative coatings segment volumes declined marginally while overall domestic coatings revenue declined by 5.5% for the quarter, impacted by muted consumer sentiments and extended rains and floods in some parts of the country," MD and CEO Amit Syngle said.
Asian Paints Q2 Results: Cons profit surges 43% YoY to Rs 994 crore; Rs 4.5/share dividend declared
