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Asian Paints saw its net profit rise 35 per cent in the December quarter. The country’s largest paint maker saw its profits rise to Rs 1,448 crore and its decorative paints business volumes stood at 12 per cent.
During the quarter, the company’s net sales stood at Rs 9,103 crore and was up at 5.4 per cent due to a moderation in demand in the later half of the quarter, the company said.
It’s decorative and industrial coatings business saw a combined value growth of 6.1 per cent with a strong double-digit industrial coatings value growth.
On a quarter-on-quarter basis, the company’s net sales was up 7.4 per cent and net profit was up 20.1 per cent.
Its PBIDT (profit before interest, depreciation and tax) in the October-December quarter stood at Rs 2,243 crore, up 29.4 per cent compared to last year and was up 17.4 per cent quarter-on-quarter.
“Growth was supported by the extended festive season, though we saw some moderation in demand in the latter part of the quarter. Both our Auto OE and General Industrial coating businesses achieved sturdy revenue growths and good profit margins,” Amit Syngle, Managing Director & CEO of Asian Paints was quoted as saying in the release.
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He added that its international business saw growth in the Middle East and Africa and registered increased profitability overall. It, however, continued to remain constrained by macroeconomic headwinds, inflationary pressures in key geographies of South Asia and Egypt.
“We saw a better quarter in the home décor space, with new categories making headway, as we made good progress on integrating our offerings within our Beautiful Homes stores and network,” he added while stating that the company’s margins gained significantly from growth in luxury products and softening raw material prices coupled with operational, formulation and sourcing efficiencies in Q3.
Asian Paints will maintain its focus on driving strong sales growth and continue to invest in multiple initiatives and solutions for its customers and build on its leadership position.
