Asian Paints, the largest paint manufacturing company, has reported a jump of 84.5% in net profit on consolidated basis for the quarter ended March 2021. The company has earned Rs 8,521.3 million in the quarter, compared with Rs 4,618.9 million for the same period last year.

Revenue from operation for the quarter increased 43.5% to Rs 66,514.3 million from Rs 46,355.9 million in the same quarter last year.

The company's board of directors recommended a final dividend of Rs 14.5 per share for the financial year ended March.

Total expenses increased 39.54% during the quarter to Rs 55,763.8 million from Rs 39,961.3 million in the previous year period.

"We have seen a very strong quarter aided by good demand across rural and urban areas at the country level. On the heels of a healthy Q2 and Q3 recovery, this quarter saw exceptional growth across businesses and consumer segments. This quarter the performance has been outstanding, discounting even the slightly lower base last year same quarter," Amit Syngle, Managing Director & CEO, Asian Paints.

"The domestic Decorative business delivered a stellar performance registering a 48% volume growth in the quarter, led by a 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. The Industrial coatings business delivered a robust performance, particularly in Protective coatings and Refinish segments supported by the uptick in the industrial activity. The International business continued to record an exceptional double-digit volume growth, led by good growth in Asia and Middle East," Syngle added.

"The huge inflationary trend in raw material prices has been worrying, however, its impact on profitability has been negated with some path-breaking work on sourcing and cost optimization. The current business environment is unprecedented, and we would continue to strongly engage with all our stakeholders taking all necessary measures to tackle this uncertainty," he said.

Shares of the company declined Rs 0.5, or 0.02%, to settle  at  Rs 2,556.10.  The total volume of shares traded  was  145,047 at  the BSE (Wednesday).