HomeBUSINESSAsian Paints Q1 net profit surges 80%, volume growth among highest in...

Asian Paints Q1 net profit surges 80%, volume growth among highest in last 6 quarters

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Asian Paints on Tuesday reported consolidated net profit at 1,036 crore, up over 80% as compared to 574 crore in the same quarter last year. Its revenue surged more than 54% to 8,607 crore as against 5,585 crore year-on-year (YoY). The company said that its volume growth registered during the quarter is one of the highest in the last six quarters.

“The domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter. The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust 4-year compounded growth in volume and value terms. The Auto OE and the General Industrial Coatings business delivered a sturdy growth trajectory,” said Amit Syngle, Managing Director & CEO of Asian Paints Limited in the earnings release.

On a standalone basis, Asian Paints revenue for the quarter under review increased by 59.6% whereas standalone Net Profit for the quarter rose by 70.7%.

Sales for Bath Fittings business grew by 120% to 118 crore from 53.6 crore in the corresponding period of previous year. Whereas, sales for Kitchens business increases by 68.3% to 109 crore from 64.79 crores in the year-ago quarter. 

Further, the paints company informed that economic crisis in Sri Lanka led to currency devaluation resulting in recognition of an exceptional item of 24.2 crore towards exchange loss arising on foreign currency obligations of Causeway Paints Lanka (Pvt.) Limited (Causeway Paints) for the quarter ended 30th June, 2022.

“The International business also delivered a good double digit revenue growth for the quarter despite multiple headwinds across key geographies. While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses,” added Syngle.

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