The net profit of Asian Paints has declined by 23.3 percent during the quarter ended December. The profit of the country’s largest paint manufacturer company declined to Rs 1,110 crore. However, its decorative paint business (India) volume increased by 1.6 percent. The company said in its release that its net sales were Rs 8,522 crore during the quarter. Along with the softening situation in demand, revenue was affected due to decline in business and weak festive season, which led to a decline of 6.1 percent. Common industrial and refinished categories recorded an increase of 3.8 percent in industrial business while its domestic decoration business benefited from the progress of network expansion.
The company said that the increase in Western Asia and improvement in the major Asian markets led to an increase of five percent in the revenue of international business and 17.1 percent in the steady currency. Amit Singley, managing director and Chief Task Officer of Asian Paints, said in the release, “The impact of the weak demand on the paint industry continued during the quarter, especially in urban centers. We recorded a decline of 6.6 percent in the entire coating business in India including industrial.
Financial Technology company Infibeim Avenues Limited has increased the integrated net profit of the quarter of the current financial year to Rs 49 percent to Rs 64.4 crore. The company said that during this period, digital payment was accelerated by adopting POS payment among the festive session and small traders. In the quarter under review, the company’s operational revenue rose by 18 percent to Rs 1,070 crore on an annual basis, which was Rs 907 crore in the same period a year ago.