Asian Paints Q3 results: Net profit drops 5.2% to ₹1,045.6 crore
The Hindu
asian paints q3 net profit drops 5.2%
Asian Paints’ third quarter consolidated profit attributable to owners dropped 5.2% to ₹1,045.6 crore on a decline in revenue from operations as against the same quarter last fiscal. In the third quarter of the previous fiscal, the company reported a Profit After Tax (PAT) of ₹1,103.5 crore.
The revenue from operation increased 3.85% to ₹8,819.72 crore in the reporting quarter as against ₹8,521.51 crore in the year ago period.
The drop in profit despite an increasing revenue is attributable to exceptional expenses. The implementation of the New Labour Codes has incurred the company a one-time expense of ₹74.5 crore on increase in gratuity and compensation on paid leaves. Further the company also incurred an impairment loss of ₹93.87 crore in ‘intangibles’, on the acquisition of recognised on acquisition of Obgenix Software Private Limited (’White Teak’).
“We had a third consecutive quarter of good volume growth with our India Decorative Business delivering a robust 7.9% volume growth in the quarter. The overall coatings business registered a 4.4% revenue growth for the quarter with decorative business revenue growth of 2.8%,” said Amit Syngle, managing director & CEO of Asian Paints Limited in a statement.
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