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Asian Paints net profit rises 84.5% in Q4 FY20

May 24/2021

MOSCOW (MRC) -- Asian Paints Ltd. has announced growth in net profit for its fourth quarter and full-year ended 31 March 2020-21, according to Kemicalinfo.

The companys net profit grew 84.5% to Rs 852.13 crore (USD115.8 million) in fourth quarter 2020-21 compared to prior year quarters Rs 461.89 crore (USD62.7 million). Revenue from operations grew 43.4% to Rs 6726.84 crore (USD913.8 million) in the quarter compared with Rs 4691.39 crore (USD637.3 million) in the prior year quarter.

For the year ending March 31, 2021, Paushaks net profit increased 16.1% to Rs 3139.29 crore (426.5 million) as compared with Rs 2705.17 crore (USD367.5 million) the prior year. Full-year revenue from operations in 2020-21 saw 7.3% growth at Rs 22,015.84 crore (USD2.99 billion) as against Rs 20,515.56 crore (USD2.78 billion) in 2019-20.
 
We have seen a very strong quarter aided by good demand across rural and urban areas at the country level. On the heels of a healthy Q2 and Q3 recovery, this quarter saw exceptional growth across businesses and consumer segments. This quarter the performance has been outstanding, discounting even the slightly lower base last year same quarter said Amit Syngle, Managing Director & CEO, Asian Paints Limited.

The domestic Decorative business delivered a stellar performance registering a 48% volume growth in the quarter, led by a robust growth in the premium and luxury product range. The Home Improvement business also grew in a big way, registering record sales for the quarter aided by the foray into the Home Decor business.
 
The Industrial coatings business delivered a robust performance, particularly in Protective coatings and Refinish segments supported by the uptick in the industrial activity. The International business continued to record an exceptional double-digit volume growth, led by good growth in Asia and Middle East, he added.

As MRC reported previously, in early May, 2020, Reliance Industries Ltd. (RIL) announced that it was considering selling its stake in Indias largest paint maker valued at about USD989 million as the conglomerate steps up efforts to trim its debt. RIL was in discussions with banks for a potential sale of its 4.9% stake in Asian Paints Ltd. through a series of block trades. Reliance holds the stake through Teesta Retail. The size and timing of any potential sale havent been finalized, and Reliance could decide not to proceed with a deal, the people said then. The sale of stake in Asian Paints is part of RILs string of fundraising plans unveiled in order to bolster investor confidence, even as the crash in oil prices pulled down profit at the companys oil-to-chemicals business.

We remind that in November 2019, Reliance Industries confirmed plans to invest 700 billion Indian rupees (USD9.75 billion) to establish a crude-oil-to-chemicals (COTC) complex at the company's Jamnagar, India.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, PP block copolymer, homopolymer PP, propylene, HDPE, ethylene, coatings, petrochemistry, adhesives, paints and coatings, Reliance Industries, India, Russia.
Category:General News
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