Mumbai, June 23, 2020
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. 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. 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. Asian Paints being a ‘Responsible and Caring’ brand has taken various initiatives like launch of Viroprotek range of hand sanitizers and surface disinfectants, the launch of ‘Safe Painting’ campaign and the ‘San Assure’ service, to give assurance to customer and energise the current consumer sentiment”, said Amit Syngle, Managing Director & CEO, Asian Paints Limited.
About Asian Paints Limited:
Asian Paints is India’s leading paint company and ranked among the top ten Decorative coatings companies in the world with a consolidated turnover of ₹20,211.25 crores (₹202 billion). Asian Paints along with its subsidiaries have operations in 15 countries across the world with 26 paint manufacturing facilities, servicing consumers in over 60 countries through Asian Paints Berger, SCIB Paints – Egypt, Apco Coatings, Taubmans, Kadisco and Causeway. Asian Paints is also present in the Home Improvement and Décor space in India through Sleek (Kitchens) and Ess Ess (Bath Fittings).
COMPANY: Asian Paints
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