Asian Paints on Tuesday reported over 161 per cent jump in a consolidated net profit at Rs 574 crore in the first quarter of the financial year 2021-2022 versus Rs 219 crore in the same period a year ago. The Q1 profit of the company jumped on the back of strong volumes and revenues over a lower base.  

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While the company’s consolidated revenue from operations for Q1 FY22 surged by over 91 per cent to Rs 5,585 crore as compared to Rs 2,923 crore in Q1FY21, Asian Paints said in a regulatory filing. 

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Similarly, the EBITDA of the company grew by 89 per cent to Rs 913.6 crore in Q1 FY22 as against Rs 484 crore in Q1 FY21, while its margins dipped by 20 bps to 16.4 per cent from 16.6 per cent. 

“The domestic business more than doubled its volume and delivered stellar revenues over the lower base of last year which had suffered from the first nationwide lockdown, Asian Paints Chief Executive Officer and Managing Director Amit Syngle said in a management commentary. 

Syngle said, the business registered strong compounded average growths in value and volume in comparison with Q1 FY20 which was a normal quarter, indicative of a strong consistent trajectory. 

“The Industrial Business and the Home Improvement business also doubled its revenue on last year’s low base. International Business, which had seen some continuity of business in the first quarter of last year, registered strong double-digit revenue growth”, Syngle also said in the statement. 

The shares of Asian Paints have been surging ahead of its results announcement, however, it touched a new life high on Tuesday to Rs 3,178 per share, after rallying 6.7 per cent on the BSE intraday trade. 

The counter closed around 6 per cent to Rs 3,154 a piece, which is near day’s high level, on the BSE as compared to a 0.7 per cent decline in the S&P BSE Sensex.