In an exchange filing on June 27, Asian Paints said that the acquisition, amounting to Rs 4.13 million (around Rs 34.42 crore), was finalised following a share purchase agreement with SCIB's minority shareholders and necessary regulatory approvals under Egyptian law.
With this transaction, APIPL now holds a controlling stake of 85.6% in SCIB. For Q4FY24, the company’s revenue from operations decreased year-on-year (YoY) by 0.64% to Rs 8,730.76 crore, compared to Rs 8,787.34 crore in Q4FY23. The profit before tax also slipped by 5.28% to Rs 1,624.09 crore in Q4FY24, compared to Rs 1,709.85 crore in the same quarter previous fiscal. Net profit, however, increased by 1.32% to Rs 1,275.30 crore in the March 2024 quarter, compared to Rs 1,258.41 crore in Q4FY23.
