Asian Paints on Tuesday posted consolidated net profit at Rs 1,574.84 crore for the June quarter (Q1) of FY24. The company logged growth of 52 per cent from Rs 1,036.03 crore in Q1 of the previous financial year. Asian Paints clocked a 24 per cent rise in profit from Rs 1,268.41 crore in the previous quarter. The firm’s total revenue of the company is Rs 9,182.31 crore, rising 6.68 per cent from Rs 8,606.94 crore in the year-ago quarter, Asian Paints said in a regulatory filing. The revenue jumped 4.49 per cent from Rs 8,787.34 crore in the previous quarter.
Amit Syngle, MD and CEO of Asian Paints, said, “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."
PBDIT (Profit before depreciation, interest, tax, other income, and exceptional items) increased by 36.3 percent to Rs 2,121.3 crore from Rs 1,556.0 crore. The company’s net profit was largely in line while revenue missed estimates. According to a poll of brokerages, Asian Paints Q1 revenue was seen at Rs 9341.5 crore while net profit was Rs 1337.2 crore.
Asian Paints’ sales decreased for the international business by 1.4 per cent to Rs 695.1 crore from Rs 705.2 crores on the back of economic uncertainty, forex crisis, and liquidity issues in Asia and Africa, the company said.
On 23 June, Asian Paints acquired 11 per cent stake of White Teak from its existing shareholders for a cash consideration of Rs 53.8 crore. This is part of the staggered buyout plan and consequently, White Teak has become a subsidiary. Sales increased for the APPPG by 21.6 percent to Rs 294.2 crore from Rs 242.0 crore. Sales increased by 13.3 percent to Rs 471.9 crore from Rs 416.4 crore for the PPGAP.
Stock of Asian Paints tanked 4 per cent to Rs 3,400.10 apiece on the BSE on Tuesday.