Q1 Results: Asian Paints Profit Soars Nearly 80% YoY To Rs 1,017 Cr
Asian Paints on Tuesday released its financial results for the quarter ended June 30, 2022 and reported a 78.9 per cent year-on-year (YoY) rise in its consolidated net profit after minority interest to Rs 1,016.93 crore compared to Rs 568.50 crore in the same quarter last year.
Consolidated sales for the quarter jumped 55 per cent to Rs 8,578.88 crore compared with Rs 5,534.87 crore in the same quarter last year.
“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,” said Amit Syngle, Managing Director & CEO of Asian Paints Limited.
Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) increased by 70.3 per cent to Rs 1,555.95 crore from Rs 913.56 crore.
Profit before exceptional items and tax increased by 83.8 per cent to Rs 1,430.83 crore from Rs 778.58 crore.
“The Auto OE and the General Industrial Coatings business delivered a sturdy growth trajectory. We continued to make further inroads in our Home Décor business, proliferating its product & service offerings. The International business also delivered a good double digit revenue growth for the quarter despite multiple headwinds across key geographies,” said Syngle.
"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.
Sales for bath fittings business increased by 120.1 per cent to Rs 117.99 crore from Rs 53.61 crore in the corresponding period of previous year. PBDIT for Bath Fittings business increased to Rs 4.21 crores as against a loss of Rs 1.04 crores in the last year.
Sales for Kitchens business increases by 68.3 per cent to Rs 109.04 crores from Rs 64.79 crores in the corresponding period of previous year. PBDIT loss for Kitchen business reduced to Rs 4.00 crores as against a loss of Rs 5.38 crores in the last year.
