Vaccine King Poonawalla's Fortunes Dip Post-Covid
Cyrus Poonawalla saw the biggest wealth decline in the Fortune-Waterfield billionaire club
Cyrus Poonawalla saw the biggest wealth decline in the Fortune-Waterfield billionaire club
The company is facing new deep pocketed rivals and smaller players in the hinterlands, but the market leader knows how to up its game.
The sector has a total of 20 dollar billionaires, with the top 5 accounting for 52.69% of sectoral wealth.
Paint major reported a 24.5% decline in net profit at ₹1,170 crore in Q1, while net sales decreased 2.3% to ₹8,943.2 crore
The paint heavyweight has fallen 5.6% in two sessions after the launch of ‘Birla Opus’ by Aditya Birla Group flagship Grasim Industries last Thursday.
The paint company targets ₹10,000 crore revenue in 3 years.
The sales of the company’s domestic decorative business grew 12% in terms of volume and 5.5% in terms of sales.
More than a dozen Nifty 50 Stocks have failed to deliver returns that a fixed deposit account would have delivered in a year.
The company attributes improved margins owing to operational, formulation and sourcing efficiencies as well as moderating raw material prices to be the reason behind strong profit growth in Q2.
The non-executive Director of Asian Paints Ashwin Dani died on September 28.