Asian Paints Ltd announced its financial results for the quarter and nine months ended Dec. 31, 2022.

“The domestic Decorative Business registered a flat volume and value sales delivery for the quarter, on a very high price increase base in the previous year,” said Amit Syngle, managing director and CEO of Asian Paints Limited.

“The extended monsoon in October also affected retailing in the peak festival season, but demand picked up in November and December leading to a double-digit growth for the Decorative Business in December,” Syngle added. “Overall, on a nine-month basis, the Decorative Business continues to grow at healthy double-digit volume and value growths with strong CAGRs. The operating margins improved strongly on sequential basis as well as saw an improvement on a y-o-y basis driven by deflation in some of the raw material prices as well as continued work on driving operational efficiencies across businesses.

“The Industrial Business did well led by strong growth in the Auto OE and General Industrial segments,” added Syngle. “The International Business was a mixed bag with good growth in the Middle East and Africa while the South Asia market, especially Sri Lanka and Bangladesh, got severely impacted by the adverse forex & macro-economic conditions. The Home Décor market continued its expansion foray but witnessed some slowdown in the Bath and the Kitchen business this quarter. We continue to work diligently on multiple strategic initiatives to further strengthen our business model and deliver sustained value to all our stakeholders.”

For Q3 FY’23, Asian Paints’ consolidated Sales increased by 1.7% to ₹8,607.50 crores ($1.06 billion) from ₹8,462.15 crores.

Profit before depreciation, interest, tax and other income (PBDIT) for the Group (before share of profit in associates) increased by 4.5% to ₹1,611.43 crores ($198 million) from ₹1,542.31 crores.
Profit before exceptional items and tax increased by 6.1% to ₹1,478.20 crores ($182 million) from ₹1,393.72 crores.

Asian Paints’ consolidated sales increased by 21.8% to ₹25,616.98 crores ($3.15 billion) from ₹21,033.53 crores. PBDIT for the Group (before share of profit in associates) increased by 30.8% to ₹4,395.08 crores ($540 million) from ₹3,360.32 crores. Profit before exceptional items and tax increased by 33.5% to ₹4,003.19 crores ($492 million) from ₹2,998.54 crores.