Asian Paints on July 25 reported consolidated net profit at Rs 1,574.84 crore for the June quarter of FY24, registering a growth of 52 percent from Rs 1,036.03 crore in the same quarter of the previous financial year.
The company reported a 24 percent rise in profit from Rs 1,268.41 crore in the previous quarter.
Total revenue of the company is Rs 9,182.31 crore, rising 6.68 percent from Rs 8,606.94 crore in the year-ago quarter, the FMCG major said in a regulatory filing. The revenue increased 4.49 percent from Rs 8,787.34 crore in the previous quarter.
PBDIT [Profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) increased by 36.3 percent to Rs 2,121.3 crore from Rs 1,556.0 crore.
“Our Domestic Decorative business registered 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." said Amit Syngle, Managing Director & CEO of Asian Paints.
Net profit was largely in line while revenue missed estimates. According to a poll of brokerages, Asian Paints Q1 revenue was seen at Rs 9341.5 crore while net profit was Rs 1337.2 crore.
Sales decreased for the international business by 1.4 percent to Rs 695.1 crore from Rs 705.2 crores on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa, the company said in a press release.
Sales for the company's home decor business decreased by 28.2 percent to Rs 84.7 crore from Rs 118.0 crore on the back of high base in the last year due to price increases. Sales for the kitchen business also decreased by 12.0 percent to Rs 96.0 crore from Rs 109.0 crores on the back of high base in the last year due to price increases.
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Sales at White Teak increased by 28.4 percent to Rs 26.0 crore while sales at Weatherseal more than doubled to Rs 9.8 crore.
On 23 June 2023, the Company has further acquired 11 percent stake of White Teak from its existing shareholders for a cash consideration of Rs 53.8 crore. This is part of the staggered buyout plan and consequently, White Teak has become a subsidiary.
Sales increased for the APPPG by 21.6 percent to Rs 294.2 crore from Rs 242.0 crore. Sales increased by 13.3 percent to Rs 471.9 crore from Rs 416.4 crore for the PPGAP.
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