Asian Paints announced its financial results for the quarter and year ended March 31, 2022.

Sales for the full year 2022 were 28,500 crores ($3.69 billion) and stand-alone sales reached 25,00 crores ($3.2 billion), backed by strong volume growth. Full year sales increased by 34.6%, while Q4 sales increased by 20.6%. Full year profit before exceptional items and tax remains flat, impacted by steep inflation in raw material prices.

“It was yet another quarter of solid and strong double digit value growth across all businesses, despite the prevailing uncertainty around COVID, macro-economic challenges and heightened geo-political tensions, said Amit Syngle, managing director and CEO, Asian Paints Limited.

“The domestic Decorative business grew strongly, registering 8% volume growth and 20% plus revenue growth on a high base,” Syngle added. “The International Business managed to deliver a double-digit revenue growth for the quarter despite severe challenges in key markets. The Industrial Coatings business closed the quarter with another round of robust double digit revenue growth with continued momentum in the Protective Coatings segment.

“The scale-up in the Home Décor business continued unhindered, making further inroads through network expansion and introduction of unique value propositions for its customers,” Syngle noted. We continued to improve our operating margins on a sequential basis which was a result of some calibrated price increases, driving the premium and luxury product growths, coupled with some strong work on driving operational efficiencies across businesses. As an organization, we continue to work diligently on expanding our capabilities to beautify, preserve, transform all spaces and objects and in that course deliver sustained value to all our stakeholders.”