Asian Paints to sell Indonesia business for Rs 48 cr, at a Rs 90 cr loss
Mumbai-headquartered Asian Paints officially announced in a regulatory filing on Friday that it has decided to divest its business operations in Indonesia.
Asian Paints on Wednesday reported a 25 per cent decline in its consolidated net profit, to Rs 1,170 crore, for the April-June quarter of 2024-25, compared to the same period of the previous year.
The company’s revenue from operations fell by 2 per cent to Rs 8,970 crore year-on-year.
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“Demand conditions for the paint industry were adversely impacted by the severe heat wave and general elections during the quarter,” said Asian Paints CEO Amit Syngle.
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“In the near term, we expect demand conditions to improve at the back of improving rural sentiment and monsoons picking up gradually,” he added.
Asian Paints’ PBDIT (Profit before depreciation, interest, tax, other income, and exceptional items) margin, as a percentage of net sales, shrank to 18.9 per cent during the first quarter from 23.2 per cent in the corresponding period of the previous year, according to a company statement.
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