Asian Paints Q1 results: Net profit jumps 52% to ₹1,575 crore; revenue growth at 6.6% YoY

  • Asian Paints' consolidated revenue from operations during Q1FY24 rose 6.6% to 9,182.31 crore from 8,606.94 crore, YoY.

Ankit Gohel
Updated25 Jul 2023, 01:58 PM IST
Asian Paints revenue during Q1FY24 was at  <span class='webrupee'>₹</span>9,182.3 crore.
Asian Paints revenue during Q1FY24 was at ₹9,182.3 crore.

Asian Paints reported 52% year-on-year rise in consolidated net profit at 1,574.84 crore in the first quarter ended June 2023. The company's net profit in the corresponding quarter last year was 1,036.03 crore.

The company’s consolidated revenue from operations during Q1FY24 rose 6.6% to 9,182.31 crore from 8,606.94 crore, YoY.

At the operating level, consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) during the quarter increased 28.1% to 2,121.2 crore from 1.566 crore in the year-ago quarter.

EBITDA margin also expanded by 500 basis points (bps) to 23.1% from 18.1%, YoY.

Also Read: Bajaj Auto Q1 Results: Net profit rises 42% on year to 1,664.77 crore

In the international business, Asian Paints’ sales decreased by 1.4% to 695.1 crore from 705.2 crore on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa. 

In constant currency terms, sales increased by 3.8%, the company said.

“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,” said Amit Syngle, Managing Director & CEO of Asian Paints Ltd.

The company’s Domestic Decorative business registered double digit volume growth and a relatively healthy value growth, coming on a high base of the previous year. 

Also Read: TVS Motor profit jumps 46% to 468 cr in Q1

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, he added.

In the Home Décor business, Bath Fittings category sales decreased by 28.2% to 84.7 crores from 118.0 crore, while Kitchen business sales declined by 12.0% to 96.0 crore from 109.0 crores, YoY.

The company’ industrial business witnessed growth during the quarter. APPPG sales increased by 21.6% YoY to 294.2 crore, while PPGAP sales rose 13.3% YoY to 471.9 crore. 

“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,” Syngle said

Asian Paints share price plunged after the announcement of Q1 results. At 1:40 pm, Asian Paints shares were trading 4.05% lower at 3,398.60 apiece on the BSE.

Read all Q1 Results here

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First Published:25 Jul 2023, 01:58 PM IST
HomeCompaniesCompany ResultsAsian Paints Q1 results: Net profit jumps 52% to ₹1,575 crore; revenue growth at 6.6% YoY

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