Asian Paints announced its financial results for the quarter ended June 30, 2023.

“Our domestic Decorative business registered double-digit volume growth and a relatively healthy value growth, coming on a high base of the previous year,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “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. Our international business was supported by good deliveries from the Middle East region. However, continued macro‐economic challenges and adverse forex conditions in Asian markets, resulted in an 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,” added Syngle. “However, the Kitchen and Bath business segments were sluggish.

“Overall, we have recorded significant improvement in margins, both sequentially as well as on year‐on‐year basis, aided by strong efforts on driving 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,” Syngle concluded.

For 1Q FY’2024, Asian Paints’ consolidated net sales increased by 6.7% to ₹9,153.8 crores ($1.118 billion) from ₹8,578.9 crores. The company reported improvement in gross margins by 530 basis points in Q1 FY’24 as compared to Q1 FY’23. PBDIT [Profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) increased by 36.3% to ₹2,121.3 crores from ₹1,556.0 crores.

As for Asian Paints’ standalone results for Q1 FY’24, net sales increased by 7.0% to ₹8,084.9 crores from ₹7,555.8 crores. Improvement in gross margins was 550 basis points in Q1 FY’24 as compared to Q1 FY’23. PBDIT for the quarter increased by 36.7% to ₹1,999.8 crores from ₹1,462.6 crores.