Net profit after minority interest declined to Rs 694.60 crores in Jul-Sep from Rs 1,205.40 crores during the corresponding period a year ago. Consolidated net sales decreased by 5.3% to Rs 8,003.0 crores from Rs 8,451.9 crores.
“Domestic decorative coatings segment volumes declined marginally while overall domestic coatings revenue declined by 5.5% for the quarter impacted by muted consumer sentiments and extended rains and floods in some parts of the country,” said Amit Syngle, Managing Director & CEO of Asian Paints.
He attributed a drop in operating margins to price reductions taken last year, higher material prices and increased sales expenses.
“While we took price increases during the quarter, the full impact of the same should flow through only in the second half of the year,” Syngle added.
The company announced an interim dividend of Rs 4.25 per equity share for the financial year ending 31 March, 2025. For the half year ended September, net Profit after minority interest decreased by 32.3% to Rs 1,864.6 crores, while consolidated net sales decreased by 3.7% to Rs 16,946.3 crores.
