“We have done well in the Middle East market and parts of Africa which is Ethiopia; however, the overall market in Asia has been hit very strongly, especially markets of Nepal and Bangladesh. We feel that the global markets will be slow to recover and we are not seeing an immediate recovery in Q3 in terms of the global markets.”
While expectations of a strong volume growth in Q3 are running high for Asian Paints, headwinds emerging from a spike in crude prices remain a key concern.
Asian Paints on Thursday reported a 53.3% year-on-year (YoY) rise in consolidated net profit for the quarter ended September 2023 at Rs 1,232.4 crore. The profit was below the ET Now Poll estimate of Rs 1271 crore.
Asian Paints share price have performed poorly in the last one year. The stock is down about 3 per cent in the last one year while the equity benchmark Sensex is up about 6 per cent in the same year.
“The company has been reporting a good set of numbers on the industrial side since the last few quarters. However, the core decorative business, has been a little sluggish since the last two quarters. So definitely, volume growth is coming up. We will see how the second half goes for the company and the industry as well.”