new Delhi. Asian Paints manufacturing plants are operating at 70 percent capacity due to the Kovid-19 epidemic and lockdown. The company said on Tuesday that demand conditions are better in the second, third and fourth tier cities and its business is improving rapidly. But the pace of improvement in metros and first-tier cities is slow.
In a communication sent to the stock markets, Asian Paints said that any operations that were disrupted since the beginning of March 2020 have started from early May. After the relevant government approvals, all the manufacturing plants of the company have started operations.
The company said that limited operations have been allowed in some areas, while some have permission to operate at full capacity. Asian Paints said its manufacturing plants are currently operating at 60 to 70 percent capacity. The company said that 95 percent of its sales offices have reopened with all precautions related to safety, social distance and cleanliness.
Asian Paints' consolidated net profit in the first quarter of the current fiscal year ended June was down 67.32 per cent to Rs 219.61 crore. This earned the company a net profit of Rs 672.09 crore in the same quarter of the previous financial year. The company's operating income declined 42.74 percent to Rs 2,922.66 crore during the quarter. The company had operating income of Rs 5,104.72 crore in the corresponding quarter of the previous financial year.
This post was published on August 4, 2020 3:26 pm
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