Amit Syngle is a well-known businessman who leads India's leading paint company, Asian Paints, as Managing Director and CEO. He has been working with the company for the last 31 years in various capacities. Syngle joined the company as a management graduate and initially spent eight years in sales. He holds a BE Mechanical degree from Panjab Engineering College and an MBA from CBM Panjab University. Syngle has been leading the company in his current role since April 2020.
However, on Monday, Syngle suffered a setback after his company's market valuation eroded by Rs 21,735.41 crore to Rs 2,43,890.43 crore. This was due to shares of Asian Paints on Monday tumbling over 8 per cent after the firm reported a 43.71 per cent decline in consolidated net profit to Rs 693.66 crore for the September quarter. The stock dropped 8.18 per cent to Rs 2,542.65 apiece on the BSE. During the day, it tanked 9.47 per cent to Rs 2,507 -- the 52-week low level. The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.
"The paint industry faced a subdued demand environment during the quarter. Domestic decorative coatings segment volumes declined marginally while overall domestic coatings revenue declined by 5.5 per cent for the quarter impacted by muted consumer sentiments and extended rains and floods in some parts of the country," Syngle said.
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"We expect margins to recover in the coming quarters on the back of anticipated softening in material prices coupled with price increases implemented in the last few months," Syngle said. Asian Paints was started in a garage in Gaiwadi by four Gujarati friends in 1942. Since then, it has come a long way.
(With inputs from PTI)
