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Consolidated net sales increased by 0.3% to $1.128 billion, with improvement in gross margins by about 770 basis points in Q2 FY’24 as compared to Q2 FY’23.
November 3, 2023
By: DAVID SAVASTANO
Editor, Ink World Magazine
Asian Paints announced its financial results for the quarter ended Sept. 30, 2023. “The domestic coatings business, decorative and industrial combined, registered a subdued 1.1% revenue growth in the quarter,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “The domestic Decorative paint business for Q2 was muted, registering a flat value sale with a 6% volume growth. The erratic monsoon impacted market sentiment potentially leading to deferment of sales to October given the late Diwali this year. “Growth in our Automotive & Refinish business was decent, while our General Industrial Coatings business sustained its double-digit growth trajectory,” Syngle added. “Our International Business, though supported by robust growth in the Middle East and an overall improved profitability, remained constrained by macro-economic challenges, inflation and forex unavailability in key geographies of South Asia and Egypt. While demand in the Home Décor space was soft on account of muted consumer sentiments, we continued to strengthen our décor foray with new collections, network and store expansions. “Operational, formulation and sourcing efficiencies coupled with moderating raw material prices benefitted our margins in Q2 and resulted in strong profit growth for the quarter,” Syngle concluded. “Looking towards the second half of the year, we remain optimistic about improved demand conditions well supported by the longer festive season and the overall buoyant domestic economic growth.” For 2Q FY’2024, Asian Paints’ consolidated net sales were flat at ₹8,452 crores ($1.128 billion) from ₹ 8,430.6 crores in 2Q 2023. The company reported improvement in gross margins by 530 basis points in Q2 FY’24 as compared to Q2 FY’23. PBDIT [Profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) increased by 39.8% to ₹ 1,716.2 crores from ₹ 1,227.7 crores. As for Asian Paints’ standalone results for Q1 FY’24, net sales increased by 7.0% to ₹7,316 crores. Improvement in gross margins was 770 basis points in Q2 FY’24 as compared to Q2 FY’23.
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