Asian Paints Q1 results: Net profit jumps 52% to ₹1,575 crore; revenue growth at 6.6% YoY
Asian Paints reported 52% year-on-year rise in consolidated net profit at ₹1,574.84 crore in the first quarter ended June 2023. The company's net profit in the corresponding quarter last year was ₹1,036.03 crore.
The company’s consolidated revenue from operations during Q1FY24 rose 6.6% to ₹9,182.31 crore from ₹8,606.94 crore, YoY. At the operating level, consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) during the quarter increased 28.1% to ₹2,121.2 crore from ₹1.566 crore in the year-ago quarter.
EBITDA margin also expanded by 500 basis points (bps) to 23.1% from 18.1%, YoY. Also Read: Bajaj Auto Q1 Results: Net profit rises 42% on year to ₹1,664.77 crore In the international business, Asian Paints’ sales decreased by 1.4% to ₹695.1 crore from ₹705.2 crore on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa. In constant currency terms, sales increased by 3.8%, the company said.
“Our international business was supported by good deliveries from the Middle East region however, continued macro‐economic challenges and adverse forex conditions in Asian markets, resulted in an overall subdued growth for the international portfolio," said Amit Syngle, Managing Director & CEO of Asian Paints Ltd. The company’s Domestic Decorative business registered double digit volume growth and a relatively healthy value growth, coming on a high base of the previous year. Both the Auto OE and the General Industrial coating businesses achieved a strong double‐digit revenue growth, led by growth in the Protective & Powder Coatings segment, he added.
Asian Paints share price plunged after the announcement of Q1 results. At 1:40 pm, Asian Paints shares were
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