Consolidated revenue from operations, which included accounts of the subsidiaries and associates, rose 3 per cent to Rs 5,420.28 crore from Rs 5,263.04 crore, the company said in a regulatory filing.
The decorative business segment registered a low double-digit volume growth, impacted by the slowdown in the overall economy.
Automotive coatings JV (PPG-AP) business continued to be impacted by the downturn in the automobile industry, while the Industrial Coatings JV (AP-PPG) business saw some demand pick-up in the protective coatings segment. Benign raw material prices benefitted the entire coatings business.
“International operations performance was impacted by challenging business conditions in some key units in GCC and Sri Lanka. Both the segments in the Home Improvement category viz. the Kitchen (Sleek) and Bath (Ess Ess) business, continue to be impacted by the slowdown in the real estate construction space,” said KBS Anand, Managing Director & CEO.
Tracking the results, the scrip saw some knee-jerk reaction and entered positive terrain briefly, only to slip back into the red. The stock closed at Rs 1778.30, down 1.76 per cent on BSE.
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