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Q3 FY’23 consolidated sales increased by 5.4%, with consolidated net profit for the quarter up by 43%.
January 18, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
Asian Paints Ltd announced its financial results for the quarter and nine months ended Dec. 31, 2023. “The quarter delivered a Decorative and Industrial coatings combined value growth of 6.1% with a strong double-digit Industrial coatings value,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “The Decorative Business grew well in Luxury and Economy segments to register a robust 12 % volume growth and a value growth of 5.5%,” Syngle added. “Growth was supported by the extended festive season, though we saw some moderation in demand in the latter part of the quarter. Both our Auto OE and General Industrial coating businesses achieved sturdy revenue growths and good profit margins. Syngle observed that Asian Paints’ international business saw growth in the Middle East and Africa and registered increased profitability overall. “It, however, continued to remain constrained by macroeconomic headwinds, inflationary pressures in key geographies of South Asia and Egypt,” Syngle reported. “We saw a better quarter in the Home Décor space, with new categories making headway, as we made good progress on integrating our offerings within our Beautiful Homes stores and network. “Our margins gained significantly from growth in luxury products and softening raw material prices coupled with operational, formulation and sourcing efficiencies in Q3. Moving forward, we will maintain focus on driving strong sales growth and continue to invest in multiple initiatives and solutions for our customers, building on our leadership position.” For Q3 FY’23, Asian Paints’ consolidated Sales increased by 5.4% to ₹9,074.9 crores ($1.09 billion) from ₹8,607.5 crores. Profit before depreciation, interest, tax and other income (PBDIT) for the Group (before share of profit in associates) increased by 27.6% to ₹2,056.1 crores ($247 million) from ₹1,611.4 crores. Profit before exceptional items and tax increased by 33.1% to ₹1,967.8 crores ($237 million) from ₹1,478.20 crores. For the first nine months of 2024, Asian Paints’ consolidated net sales increased by 4.2% to ₹26,680.7 crores ($3.21 billion) from ₹25,616.98 crores. PBDIT for the Group (before share of profit in associates) increased by 30.8% to ₹5,893.6 crores ($709 million) from ₹4,395.08 crores. Profit before exceptional items and tax increased by 43% to ₹5,723.7 crores ($688 million) from ₹4,003.19 crores.
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