Asian Paints, the largest paint manufacturing company, on Tuesday posted a consolidated net profit at Rs 5,743 million, up 161.5% year-on-year (YoY) for the quarter ended June 30, 2021. The company had posted a net profit of Rs 2,196 million in the year-ago period.

Revenue from operations rose 91% to Rs 55,853.6 million as against Rs 29,230 million in the quarter ended June 30, 2020.

"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," said Amit Syngle, Managing Director & CEO of Asian Paints.

The industrial business and the home-improvement business also doubled their 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, the company added.

"This has been a resilient performance across all businesses despite the challenges posed by the second Covid wave across markets, which disrupted business continuity from the second fortnight of April 2021. We registered strong growths in April 2021 and a robust resounding rebound in June 2021, post May 2021 which was impacted in a big way. Steep inflation in raw material prices in the last quarter of previous financial year and again in this quarter saw gross margins impacted across all businesses despite the price increases taken to mitigate this pressure to an extent," added Syngle.

Syngle further specified that it is "confident of our organization's capability to maximize on the expected uptick in the business conditions as we move forward."

Shares of the company gained Rs 179.85, or 6.04%, to settle  at  Rs 3,159.20.  The total volume of shares traded  was  261,867 at  the BSE (Tuesday).