Asian Paints announced its financial results for the quarter and year ended March 31, 2023.

Consolidated sales for the full year 2022 were 34,368 crores ($4.15 billion) and stand-alone sales reached 29,953 crores ($3.62 billion), backed by strong volume growth. Full year sales increased by 18.8%, while Q4 sales increased by 10.9%.

Profit before depreciation, interest, tax and other income (before share in profit of associates) increased by 30.3% to ₹6,259.8 crores ($755 million).

“It has been an outstanding year for us with a 14% volume growth and 20% value growth in our standalone business and a net profit growth of 31%, said Amit Syngle, managing director and CEO, Asian Paints Limited. “Our growth in both the Industrial coatings have been stellar, growing double digits in volume and value, delivering one of the highest profits in the last two decades. Overall, at a consolidated level we crossed Rs. 34,000 crores revenue and along with our décor and services diversification, we are now the largest integrated player in Home Décor Business.

“In this quarter we have logged in the highest value ever, with the decorative and non-automotive Industrial businesses registering double digit volume and value growths,” added Syngle. “We have been able to improve our margins in the quarter sequentially and over last year through our persistent work on formulation and sourcing efficiencies and also helped by the easing inflation in raw material prices. In Home décor, our new categories of fabrics, decorative lighting, UPVC doors and windows did well, while Kitchen and bath were sluggish. The Global business was good in Middle East and Africa though but slower in Asia, however overall, delivered good bottom line numbers.

“Going forward, as a market leader, we will continue to aggressively pursue growth,” he concluded. “Our performance will be driven by our consistent focus on customer centricity, innovation, sustained investment in B2B business coupled with our powerhouse brand, robust supply chain and distribution network.”

For Q4 FY’23, Asian Paints’ consolidated sales increased by 10.9% to ₹8,750.8 crores ($1.06 billion). Profit before depreciation, interest, tax and other income (PBDIT) for the Group (before share of profit in associates) increased by 29.2% to ₹1,864.8 crores ($225 million).