Asian Paints Announced Q1FY23 Result :

• Consolidated Net Profit for the quarter increases by 80.4%

• Standalone Sales for the quarter increases by 59.6%

• Standalone Net Profit for the quarter increases by 70.7%

• Asian Paints Consolidated Results, Q1-FY’23:

  • Consolidated Sales increases by 55.0 % to Rs 8,578.88 crores from Rs 5,534.87 crores.

  • Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) increases by 70.3% to Rs 1,555.95 crores from Rs 913.56 crores.

  • Profit before exceptional items and tax increases by 83.8% to Rs 1,430.83 crores from Rs 778.58 crores.

  • Net Profit after Minority Interest increases by 78.9% to Rs 1,016.93 crores as compared to Rs 568.50 crores in the corresponding period of previous year.

• Asian Paints Standalone Results, Q1-FY’23:

  • Sales increases by 59.6% to Rs 7,555.80 crores from Rs 4,733.30 crores.

  • PBDIT for the quarter increases by 65.8% to Rs 1,462.58 crores from Rs 881.95 crores.

  • Profit before tax increases by 72.7% to Rs 1,372.41 crores as compared to Rs 794.66 crores in the corresponding period of previous year.

  • Net Profit on a Standalone basis increases by 70.7% to Rs 1,017.28 crores from Rs 595.86 crores.

• Sales for Bath Fittings business increases by 120.1% to Rs 117.99 crores from Rs 53.61 crores in the corresponding period of previous year. PBDIT for Bath Fittings business increases to Rs 4.21 crores as against a loss of Rs1.04 crores in the last year.

• Sales for Kitchens business increases by 68.3% to Rs 109.04 crores from Rs 64.79 crores in the corresponding period of previous year. PBDIT loss for Kitchen business reduced to Rs 4.00 crores as against a loss of Rs 5.38 crores in the last year.

• Economic crisis in Sri Lanka led to currency devaluation resulting in recognition of an exceptional item of Rs 24.21 crores towards exchange loss arising on foreign currency obligations of Causeway Paints Lanka (Pvt.) Limited (Causeway Paints) for the quarter ended 30th June, 2022.

“The domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter. The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust 4-year compounded growth in volume and value terms. The Auto OE and the General Industrial Coatings business delivered a sturdy growth trajectory. We continued to make further inroads in our Home Décor business, proliferating its product & service offerings. The International business also delivered a good double digit revenue growth for the quarter despite multiple headwinds across key geographies. While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses.”, said Amit Syngle, Managing Director & CEO of Asian Paints Limited.

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