Asian Paints Q2 result: Consolidated profit jumps 53% YoY to Rs 1,232 cr

The Asian Paints reported a jump of 53.31 per cent in its consolidated net profit in the quarter ended September 30 to Rs 1,232.39 crore, as compared to Rs 803.83 crore in the same quarter last year. As compared to Rs 1,574.84 crore in Q1FY24, the net profit was down 21.74 per cent.

The company announced an interim dividend of Rs 5.15 per share.

The revenue from operations for Q2FY24 came in at Rs 8,478.57 crore, compared to Rs 8,457.57 crore year-on-year (y-o-y), registering a rise of 0.24 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was down 7.66 per cent. It stood at Rs 9,182.31 crore in Q1FY24.

 

The total income for Q2FY24 came in at Rs 8,643.77 crore, compared to Rs 8,553.04 crore y-o-y, registering a rise of 1.06 per cent. On a q-o-q basis, the total income was down 7.84 per cent. It was Rs 9,379.38 crore in Q1FY24.

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Amit Syngle, managing director and chief executive officer of Asian Paints Limited, said, "The domestic coatings business, decorative and industrial combined registered a subdued 1.1 per cent revenue growth in the quarter. The domestic decorative paint business for Q2 was muted, registering a flat value sale with a 6 per cent volume growth. The erratic monsoon impacted market sentiment, potentially leading to deferment of sales to October given the late Diwali this year. Growth in our automotive and refinish business was decent, while our general industrial coatings business sustained its double-digit growth trajectory... Looking towards the year's second half, we remain optimistic about improved demand conditions well supported by the longer festive season and the overall buoyant domestic economic growth."

In a press release, the company stated that its international business sales decreased in Q2FY24 by 3.9 per cent to Rs 775 crore from Rs 806 crore on the back of macro-economic and forex challenges in key markets of South Asia and Egypt. The company's kitchen business sale decreased in Q2FY24 by 17.9 per cent to Rs 96.8 crore from Rs 117.8 crore.

At 2:21 pm, the Asian Paints stock was trading at Rs 2,981.8.