By: ICN Bureau
Last updated : July 25, 2023 8:15 pm
Double‐digit volume and healthy value growth in decorative Business (India)
Asian Paints Limited has reported Consolidated financial results for the period ended June 30, 2023.
The company has reported total income of Rs. 9379.38 crores during the period ended June 30, 2023 as compared to Rs. 8892.82 crores during the period ended March 31, 2023. The company reported total income of Rs.8705.91 crores during the period ended June 30, 2022.
Asian Paints has posted net profit of Rs. 1550.37 crores for the period ended June 30, 2023 as against net profit of Rs. 1234.14 crores for the period ended March 31, 2023. The company posted net profit of Rs.1016.93 crores for the period ended June 30, 2022.
“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. 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. On the Home Décor front, categories like fabrics, decorative lighting, UPVC doors & windows maintained their high growth trajectory. However, the Kitchen and Bath business segments were sluggish.
“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. Looking ahead, we remain focused on pursuing growth and are confident about a robust festival season ahead.”, said Amit Syngle, Managing Director & CEO of Asian Paints Limited.