Asian Paints reported a 6.37 percent growth in consolidated net profit for the quarter ending December 2022 at Rs 1,097.06 crore. The company had reported a profit of Rs 1,031.29 crore in the same quarter of the previous fiscal year.
Consolidated revenue from operations came in at Rs 8,636.74 crore, up 1.28 percent from Rs 8,527.24 crore in the year-ago quarter. The numbers were worse than estimates. Net profit was expected to grow 8.7 percent to Rs 1,104 crore from a year earlier and sequentially by 40 percent, according to the average of estimates of brokerages. Revenue was expected to rise 10.9 percent YoY to Rs 9,456 crore.
The company said its industrial business did well lead by strong growth in the Auto OE and general industrial segments. Meanwhile, the international business was a mixed bag with good growth in the Middle East and Africa while the South Asia market, especially Sri Lanka and Bangladesh, got severely impacted by the adverse forex and macro-economic conditions.
International business' sales increased by 2.1 percent in to Rs 778.82 crores from Rs 762.43 crore. In constant currency terms, sales increased by 13.4 percent. The Home Décor market continued its expansion foray but witnessed some slowdown in the bath and the kitchen business this quarter, Asian Paints said.
Bath Fittings business' sales decreased by 10.9 percent year on year (YoY) to Rs 89.84 crore while sales for kitchen business decreased by 7.1 percent YoY in to Rs 100.68 crores The firm said its Profit before depreciation, interest, tax and other income (PBDIT) margin was at 18.7 percent for the quarter.
