Conference Call with Asian Paints Management and Analysts on Q3FY23 Performance and Outlook. Listen to the full earnings transcript. Management in attendance: Amit Syngle and senior team
Asian Paints announced Q3FY23 results: Consolidated Q3FY23: Consolidated sales increased by 1.7 % to Rs 8,607.50 crore from Rs 8,462.15 crore. Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share of profit in associates) increased by 4.5 % to Rs 1,611.43 crore from Rs 1,542.31 crore. Profit before exceptional items and tax increased by 6.1 % to Rs 1,478.20 crore from Rs 1,393.72 crore. Net profit after minority interest increased by 5.6 % to Rs 1,072.67 crore from Rs 1,015.69 crore. Consolidated 9MFY23: Consolidated sales increased by 21.8 % to Rs 25,616.98 crore from Rs 21,033.53 crore. PBDIT for the group (before share of profit in associates) increased by 30.8 % to Rs 4,395.08 crore from Rs 3,360.32 crore. Profit before exceptional items and tax increased by 33.5 % to Rs 4,003.19 crore from Rs 2,998.54 crore. Net profit after minority interest increased by 31.7 % to Rs 2,872.31 crore from Rs 2,180.15 crore. Standalone Q3FY23: Sales increased by 0.9% to Rs 7,492.22 crore from Rs 7,424.08 crore. PBDIT for the quarter increased by 1.8% to Rs 1,494.76 crore from Rs 1,468.18 crore. Profit before tax increased by 5.5% to Rs 1,442.98 crore from Rs 1,367.42 crore. Net profit increased by 6.4% to Rs 1,085.88 crore from Rs 1,020.26 crore. Standalone 9MFY23: Sales increased by 22.6% to Rs 22,363.88 crore from Rs 18,247.46 crore. PBDIT increased by 26.3% to Rs 4,072.89 crore from Rs 3,225.05 crore. Profit before tax increased by 28.2% to Rs 3,835.59 crore from Rs 2,991.60 crore. Net profit increased by 28.3% to Rs 2,866.45 crore from Rs 2,234.75 crore. “The domestic Decorative Business registered a flat volume and value sales delivery for the quarter, on a very high price increase base in the previous year. The extended monsoon in October also affected retailing in the peak festival season, but demand picked up in November and December leading to double-digit growth for the Decorative Business in December. Overall, on a 9-month basis, the Decorative Business continues to grow at healthy double-digit volume and value growths with strong CAGRs. The operating margins improved strongly on a sequential basis as well as saw an improvement on a y-o-y basis driven by deflation in some of the raw material prices as well as continued work on driving operational efficiencies across businesses. The Industrial Business did well led by strong growth in the Auto OE and General Industrial segments. The International Business was a mixed bag with good growth in the Middle East and Africa while the South Asia market, especially Sri Lanka and Bangladesh, got severely impacted by the adverse forex & macro-economic conditions. The Home Décor market continued its expansion foray but witnessed some slowdown in the Bath and Kitchen business this quarter. We continue to work diligently on multiple strategic initiatives to further strengthen our business model and deliver sustained value to all our stakeholders” said Amit Syngle, Managing Director & CEO of Asian Paints Limited. Result PDF