The company saw sales halting since end of March while April was a complete washout. While there was a lot of this pent-up demand, June sales indicated new demand from homes across the country.
The company posted a 44% decline in revenues at Rs 2446 crore while net profit fell 61% to Rs251 crore during June quarter.
"Customers seems to be now adjusting to the environment in terms of saying that there would be some disturbances which will come in and the fear factor is something which is more the adjustment which the customer is making. Sporadic lockouts, what do they do is that they kind of spoil the continuity of business. If they continue to happen, they will definitely have an effect on the demand," Syngle added.
While the consumer facing decorative business improved over the last two months, the automotive coatings business continued to be severely impacted with the COVID-related business restrictions, adding further to the slowdown pressures in the auto industry.
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the ET ePaper online.
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the ET ePaper online.