Asian Paints' net profit fell 28.2 per cent year-over-year to approx Rs 595.6 crores as continued inflation impacted raw material prices in the second quarter. In its quarterly results revealed on Thursday, the company said that it would be considering increasing the prices of its products in order to mitigate the impact of persistently high inflation.
Revenue from operations increased 32.6 per cent to approx Rs 7,096 crores in the second quarter compared to the year-ago period.
"We have taken a series of price increases and would look at a further price increase to mitigate the impact of this persistently high inflation and are confident that we should be able to turn this around strongly in the coming quarter," said Managing Director & CEO of Asian Paints, Amit Syngle.
The CEO further informed that the home decorative business ran on a high growth trajectory exhibited in its 34 per cent volume growth in the quarter. The home improvement segment registered its highest quarterly revenue in Q2 aided by strong alignment with project businesses.
The industrial coatings business witnessed robust demand for protective coating and an uptick in the automotive sector, which helped it scale a double-digit growth.