Asian Paints Ltd on Thursday reported a consolidated net profit of Rs 1,232 crore for the September 2023 quarter, up 54 per cent on a year-on-year (YoY) basis. The company's consolidated net profit came in at Rs 803.8 crore in the year ago period. Its consolidated revenue from operations increased slightly to Rs 8,479 crore in Q2FY24 from Rs 8,458 crore in Q2FY23.
Sales volumes of Asian Paints recorded a growth of 6 per cent for the July-September 2023 period, while sales in decorative business in India remained flat). However, the company reported a sustained strong revenue growth in the Industrial business. Overall, 1.1 per cent revenue growth for the Coatings Business in India.
Consolidated Net Sales increased by 0.3 per cent to Rs 8,451.9 crore, while gross margins improved by about 770 basis points. Profit before exceptional items and tax increased by 51 per cent to Rs 1,650.9 crore in the second quarter of the ongoing financial year.
Asian Paints' consolidated PBDIT (profit before depreciation, interest, tax, other income, and exceptional items) margins increased by 570 bps for the given quarter to 20.3 per cent on the back of eased down raw material prices. PBDIT increased by 39.8 per cent to Rs 1,716.2 crore from Rs 1,227.7 crore YoY.
International Business supported robust growth in the Middle East but was constrained by macroeconomic challenges in key markets of South Asia and Egypt.
International Business supported robust growth in the Middle East but was constrained by macroeconomic challenges in key markets of South Asia and Egypt.
The company board has also announced an interim dividend of Rs 5.15 per share, or 515 per cent over the face value of Re 1 each, for the quarter ended on September 30, 2023, subject to necessary approvals.
Shares of Asian Paints dropped about 3 per cent to Rs 2957.70 on Thursday, with a total market captialization of Rs 2.85 lakh crore. The blue-chip counter and Sensex constituent had settled at Rs 3,061.10 in the previous trading session.
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