Asian Paints Q1: Net profit surges 79% YoY to Rs 1,017 cr

Asian Paints on Tuesday reported a jump of 79.04 per cent year-on-year (YoY) in its consolidated net profit at Rs 1,1017 crore for the quarter ending 30 June, 2022. The company had posted a net profit of Rs 568.50 crore in the year-ago period.

The company's profit before exceptional items and tax surged 83.8 per cent YoY to Rs 1,430.83 crore from Rs 778.58 crore last year.

Its revenue from operations increased 54.10 per cent to Rs 8,606.94 crore in the quarter under review as against Rs 5,585.36 in the same quarter last fiscal.

Further, the company stated that the domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter, adding that the volume growth registered in the quarter is one of the highest in the last six quarters.

The business also registered a "robust 4-year compounded growth" in volume and value terms. The Auto OE and the General Industrial Coatings business delivered a sturdy growth trajectory, it added.

Commenting on the results, Amit Syngle, Managing Director & CEO of Asian Paints, stated, " We continued to make further inroads in our Home Décor business, proliferating its product & service offerings. The International business also delivered a good double digit revenue growth for the quarter despite multiple headwinds across key geographies. While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses.”

Shares of Asian Paints on Tuesday was trading almost flat at Rs 3,093.20 apiece on BSE during late trading hours.