Asian Paints announced Q1FY24 results: Consolidated Q1FY24: Net sales increased by 6.7% to Rs 9,153.8 crore from Rs 8,578.9 crore. Improvement in gross margins by 530 basis points in Q1FY24 as compared to Q1FY23. PBDIT [profit before depreciation, interest, tax, other income, and exceptional items] (before sharing in profit of associates) increased by 36.3% to Rs 2,121.3 crore from Rs 1,556.0 crore. PBDIT margin as % to net sales improved to 23.2% from 18.1% in Q1FY23 and 21.3% in Q4FY23. Profit before exceptional items and tax increased by 47.1% to Rs 2,105.0 crore from Rs 1,430.8 crore. Net profit after minority interest increased by 52.5% to Rs 1,550.4 crore from Rs 1,016.9 crore Standalone Q1FY24: Net sales increased by 7.0% to Rs 8,084.9 crore from Rs 7,555.8 crore. Improvement in gross margins by 550 basis points in Q1FY24 as compared to Q1FY23. PBDIT for Q1FY24 increased by 36.7% to Rs 1,999.8 crore from Rs 1,462.6 crore. PBDIT margin as % to net sales improved to 24.7% from 19.4% in Q1FY23 and 23.0% in Q4FY23. Profit before tax increased by 47.1% to Rs 2,018.2 crore from Rs 1,372.4 crore. Net profit increased by 48.3% to Rs 1,508.4 crore from Rs 1,017.3 crore. “Our domestic decorative business registered double-digit volume growth and relatively healthy value growth, coming on a high base of the previous year. Both the auto OE and the general industrial coating businesses achieved 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 macroeconomic challenges and adverse forex conditions in Asian markets, resulted in 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 YoY basis, aided by strong efforts to drive 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. Result PDF