Asian Paints Ltd announced its quaterly as well as annual financial numbers for FY20.

 

For the full year, the company's net profit rose 25.48% to Rs 2705.17 crore in FY20 as against Rs 2155.92 crore during the previous year. Sales rose 5.05% to Rs 20211.25 crore as against Rs 19240.13 crore in 2019.

 

In Q4FY20, the net profit of the company declined 2.07% to Rs 461.89 crore against Rs 471.65 crore in the corresponding period last year. The sales declined 7.13% to Rs 4635.59 crore as against Rs 4991.50 crore in the previous year.

 

Amit Syngle, Managing Director & CEO, Asian Paints Limited said, "Loss of sales due to the lockdown in March’20 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."

 

On segment-wise performance, Syngle said, "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 viz. the Kitchen (Sleek) and Bath (Ess Ess) business, continued to be impacted by the slowdown in the real estate construction space."

 

On a geographical front, Syngle adds, "Complete shutdown of business in last few days of March’20 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."