Asian Paints on Thursday reported a rise of 45.12 per cent in consolidated net profit of ₹1,234.14 crore for the quarter ended March 2023. This is against a net profit of ₹850.42 crore in the corresponding quarter last fiscal.
The consolidated revenue from operations rose by 11.33 per cent to ₹8,787.34 crore, as compared to ₹7,892.67 crore in the year-ago period, said Asian Paints in its regulatory filing.
The board recommended payment of the final dividend of ₹21.25 per equity share for the financial year FY23, subject to approval of the shareholders.
The consolidated net sales for the March quarter increased by 10.9% to ₹ 8,750.8 crore from ₹ 7,889.9 crore.
Asian Paints PBDIT [Profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) increased by 29.2 per cent to ₹1,864.8 crores from ₹ 1,443.3 crore.
Gross margins on a sequential basis improved by 390 basis points in the fourth quarter.
“It has been an outstanding year for us with a 14% volume growth and 20% value growth in our standalone business. Our growths in both the Industrial coatings have been stellar, growing double digits in volume and value, delivering one of the highest profits in the last 2 decades,” said Amit Syngle, MD and CEO of Asian Paints.
Segment-wise, international business sales dropped 3 per cent in Q4 to ₹794 crore on the back of economic uncertainty, the forex crisis, and liquidity issues in key markets of Asia and Africa.
In the home decor segment, bath fittings business sales were down 9.7 per cent in March quarter to ₹96 crore due to subdued retail demand. Meanwhile, kitchen sales also declined to 21 per cent to ₹98 crore for the reporting quarter, again dragged down by weak retail demand.
Within the industrial business, APPPG sales increased by 17 per cent to ₹289.6 crore and PPGAP sales rose 8 per cent.
On Thursday, the company’s scrip was trading 2.87 per cent to ₹3,127.80 on BSE.
