On consolidated basis, the paint major's net profit climbed 31.3% to Rs 782.71 crore on 19.8% increase in revenue from operations to Rs 8,430.60 crore in Q2 FY23 over Q2 FY22.
Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share of profit in associates) increased by 35.7% year-on-year to Rs 1,227.70 crore in Q2 FY23.Profit before exceptional items and tax increased by 32.4% YoY to Rs 1,094.16 crore during the quarter.
International business sales increased by 15.3% in Q2 FY23 to Rs 805.99 crore from Rs 699.28 crore. PBT was Rs 43.48 crore in Q2 FY23 as against loss of Rs 16.74 crore in the corresponding period of previous year.
Bath fittings business sales increased by 10.9% in Q2 FY23 to Rs 101.77 crore from Rs 91.77 crore. PBT was Rs 0.24 crore in Q2 FY23 as against Rs 3.29 crore in the corresponding period of previous year.
Kitchen business sales increased by 14.2% in Q2 FY23 to Rs 117.83 crore from Rs 103.15 crore. PBT loss was Rs 4.30 crore in Q2 FY23 as against a profit of Rs 0.25 crore in the corresponding period of previous year.
Industrial business (Asian Paints PPG) sales increased by 25.4% in Q2 FY23 to Rs 224.98 crore from Rs 179.35 crore. PBT was Rs 13.65 crore in Q2 FY23 as against Rs 4.84 crore in the corresponding period of previous year.
The company's board approved the payment of interim dividend of Rs 4.40 per equity share.
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On a standalone basis, the company's sales for the quarter increased by 20.1% to Rs 7,315.86 crore and net profit increased by 23.4% to Rs 763.29 crore. Profit before tax increased by 23% to Rs 1,020.20 crore from Rs 829.52 crore.
"The domestic Decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon. The business focus on top line is evident from the double-digit compounded growth rates in volume and value sales for a sixth quarter in a row. The Home Dor business continued to gain traction with focus on Lighting, Kitchen and Bath along with proliferation of our Beautiful Homes Stores and the Home Dor implementation arm, Beautiful Homes Service, across markets. The Auto OE business delivered robust growth, while the Industrial coatings business continued with its high growth trajectory led by Protective & Powder Coatings. The International business also registered a good double digit revenue growth despite multiple headwinds across key markets. We took a series of calibrated price increases to offset the impact of increased inflation on margins. We continue to enhance our customer engagement endeavors and are embarking on a series of breakthrough initiatives in the value chain to deliver sustained value for all our stakeholders," said Amit Syngle, managing director & CEO of Asian Paints.
Asian Paints is India's leading paint and decor company and ranked among the top ten Decorative coatings companies in the world. Asian Paints along with its subsidiaries have operations in 15 countries across the world with 27 paint manufacturing facilities, servicing consumers in over 60+ countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints also offers a wide range of Home Dor products and is an emerging strong player in the Home Improvement and Dor space in India.
Shares of Asian Paints were down 2.56% at Rs 3131.75 on the BSE.
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