Asian Paints on Tuesday reported a 52.5 per cent year-on-year (YoY) rise in consolidated net profit (after minority interest) at Rs 1,550.40 crore compared with Rs 1,016.9 crore in the corresponding quarter last year. Consolidated sales for the quarter rose 6.7 per cent to Rs 9,153.80 crore from Rs 8,578.90 crore in the same quarter last year, the paints maker told BSE.
Consolidated PBDIT margin expanded 510 basis points to 23.2 per cent. Managing Director & CEO Amit Syngle said the company's decorative business registered a double-digit volume growth and a relatively healthy value growth, coming on a high base of the previous year.
"Both the auto OE and the general industrial coating businesses achieved a strong double‐digit revenue growth, led by growth in the protective & powder coatings segment. Our international business was supported by good deliveries from the Middle East region however, continued macro‐economic challenges and adverse forex conditions in Asian markets, resulted in an overall subdued growth for the international portfolio," he said.
Syngle said, in the Home Décor segment, categories like fabrics, decorative lighting, UPVC doors & windows maintained their high growth trajectory but the Kitchen and Bath business segments were sluggish.
"Overall, we have recorded significant improvement in margins, both sequentially as well as on year‐on‐year basis, aided by strong efforts on driving operational, formulation and sourcing efficiencies and supported by easing inflation in raw material prices. Looking ahead, we remain focused on pursuing growth and are confident about a robust festival season ahead”, he said.
Also read: Hot stocks on July 25, 2023: SJVN, Aarti Drugs, Mazagon Dock, Can Fin Homes, and more