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Asian Paints Ltd today announced their financial results for the quarter and twelve months ended March 31, 2020.
Amit Syngle, Managing Director & CEO, Asian Paints Limited, said: "Loss of sales due to the lockdown in March 2020 impacted the Decorative business segment in an otherwise strong quarter, with double digit volume growth in the first two months of the quarter.
"Even with the loss of sales, the Decorative business segment in a tough year has registered double digit volume growth for the year and strong profit numbers.
"The Industrial business segment under the Automotive coatings JV (PPG-AP) and Industrial Coatings JV (AP-PPG) continued to be impacted by the downturn in the automotive industry and the overall slowdown in the economy.
"Both the segments in the Home Improvement category with regards to the Kitchen (Sleek) and Bath (Ess Ess) business, continued to be impacted by the slowdown in the real estate construction space.
"Complete shutdown of business in the last few days of March 2020 further added to the pressure for these businesses.
"The International business portfolio did well supported by growth from markets in Ethiopia, Egypt, UAE and Nepal.
"However, key units of Sri Lanka and Bangladesh were impacted due to the lockdown conditions.
"Profitability across businesses was well supported by the benign raw material prices and cost optimisation efforts.
"Asian Paints being a ‘Responsible and Caring’ brand has taken various initiatives like launch of Viroprotek range of hand sanitisers and surface disinfectants, the launch of ‘Safe Painting’ campaign and the ‘San Assure’ service, to give assurance to customers and energise the current consumer sentiment."
For the Twelve months ended March 31, 2020, Asian Paints Group Revenue from operations has increased by 5%.
For the quarter ended March 31, 2020, revenue from operations decreased by 8.4%.
