Asian Paints Q4 net profit rises 44% to Rs 1,258.4 crore

New Delhi: Asian Paints Ltd on Thursday reported an increase of 43.97 per cent in its consolidated net profit at Rs 1,258.41 crore in the March quarter, led by a double-digit volume and value growth in decorative business.

The company had posted a net profit of Rs 874.05 crore during the January-March quarter of FY22, Asian Paints said in a regulatory filing.

Its revenue from sales rose 10.91 per cent to Rs 8,750.85 crore during the quarter under review as against Rs 7,889.94 crore in the year-ago period.

Asian Paints' total expenses were at Rs 7,181.66 crore, up 7.55 per cent, in Q4FY23 as against Rs 6,677.11 crore in the corresponding period a year ago.

Its total income in the March quarter was at Rs 8,892.82 crore, up 11.53 per cent.

"In this quarter we have logged in the highest value ever, with the decorative and non-automotive industrial businesses registering double-digit volume and value growths," Asian Paints Managing Director & CEO Amit Syngle said.

"We have been able to improve our margins in the quarter sequentially and over last year through our persistent work on formulation and sourcing efficiencies and also helped by the easing inflation in raw material prices," he said.

In the international business, Asian Paints sales decreased 2.7 per cent in Q4FY23 to Rs 794.4 crore as against Rs 816.0 crore on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa, the company said in its earnings statement.

In 2022-23, Asian Paints' net profit increased 36 per cent to Rs 4,195.33 crore. It was Rs 3,084.81 crore in FY22.

Its consolidated revenue from operations in FY23 rose 18.82 per cent to Rs 34,367.83 crore.

Over Asian Paint's performance in FY23, Syngle said: "It has been an outstanding year for us with a 14 per cent volume growth and 20 per cent value growth in our standalone business." Its growth in both the industrial coatings have been stellar, growing double-digit in volume and value, delivering one of the highest profits in the last 2 decades, he added.

"Overall, at a consolidated level, we crossed Rs 34,000 crore in revenue and along with our décor and services diversification, we are now the largest integrated player in Home Décor Business," Syngle said.

Meanwhile, the company also informed its board in a meeting held on Thursday recommended payment of a final dividend of Rs 21.25 per equity share of the face value of Re 1 each for the financial year ended March 31, 2023.

"The total dividend for the financial year ended 31st March 2023, aggregates to Rs 25.65 per equity share of the face value of Re 1, including the interim dividend of Rs 4.40," it added.

Shares of Asian Paints Ltd on Thursday settled 3.22 per cent higher at Rs 3,138.60 apiece on the BSE.