Asian Paints Shares Surge After March Quarter Profit Rises 80%

Shares of leading paint maker Asian Paints rose as much as 11 per cent to hit an intraday high of Rs 2,839 on the BSE.

Asian Paints Shares Surge After March Quarter Profit Rises 80%

Shares of leading paint maker Asian Paints rose as much as 11 per cent to hit an intraday high of Rs 2,839 on the BSE after it reported jump of 81 per cent in standalone net profit for quarter ended March 2021. Asian Paints net profit came in at Rs 820 crore compared with Rs 452 crore during the same quarter last year. Its revenue from operations advanced 46 per cent to Rs 5,671 crore as against 3,879 crore in the corresponding period a year ago.

''The domestic decorative business delivered a stellar performance registering a 48 per cent volume growth in the quarter, led by robust growth in the premium and luxury product range. The home improvement business also grew in a big way, registering record sales for the quarter aided by the foray into the home décor business,'' said Amit Syngle, Managing Director & CEO, Asian Paints.

The Board of Directors recommended a final dividend of Rs 14.50 per equity share (1450 per cent). The Company distributed first interim dividend of Rs 3.35 per equity share (335 per cent) in November 2020 for FY 2020-21. Total dividend of Rs 17.85 per equity share (1785 per cent) was distributed for FY 2020-21. The dividend payout ratio was 56.1 per cent for FY 2020-21, Asian Paints said in a stock exchange filing.

As of 12:57 pm, Asian Paints shares traded 9.2 per cent higher at Rs 2,791, outperforming the Sensex which was down 0.02 per cent.