Asian Paints posts 25 per cent fall in Q1 net profit at Rs 1,170 crore
The company’s revenue from operations fell by 2 per cent to Rs 8,970 crore year-on-year.
Asian Paints on Thursday posted a 31.3 per cent year-on-year growth in its profit after minority interest to Rs 782.71 crore for the quarter ended September 30, against Rs 595.96 crore in the year-ago period.
The company has reported a 19.8 per cent year-on-year growth in its sales to Rs 8,430.60 crore from Rs 7,036.51 crore in the year-ago period. Profit before exceptional items and tax rose 32.4 per cent to Rs 1,094.16 crore from Rs 826.24 crore for the corresponding period in the previous year. In the case of its international business, the company reported a surge of 15.3 per cent in its sales for the September quarter to Rs 805.99 crore from Rs 699.28 crore in the year-ago period.
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During the announcement of the earnings of the company, the board of directors also approved the payment of an interim dividend of Rs 4.40 per equity share.
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Managing Director & Chief Executive Officer Amit Syngle said, “The domestic decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon. The business focus on the top line is evident from the double-digit compounded growth rates in volume and value sales for the sixth quarter in a row.”
He also said that the international business also registered a good double-digit revenue growth despite multiple headwinds across key markets. He said the company took a series of calibrated price increases to offset the impact of increased inflation on margins.
“We continue to enhance our customer engagement endeavors and are embarking on a series of breakthrough initiatives in the value chain to deliver sustained value for all our stakeholders,” said Amit Syngle.
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