Asian Paints’ net profit up 53.31% in Q2 FY24, Real Estate News, ET RealEstate

October 26, 2023

NEW DELHI: Asian Paints has reported a growth of 53.31 per cent in its net consolidated profit during the quarter ended September 30, 2023. It’s profit after tax stood at Rs 1,232.39 crore in Q2 FY24 as against Rs 803.83 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 8,643.77 crore in Q2 FY24, a growth of 1.06 per cent from Rs 8,553.04 crore it recorded in the similar quarter last year.

“The erratic monsoon impacted market sentiment potentially leading to deferment of sales to October given the late Diwali this year. Our International Business, though supported by robust growth in the Middle East and an overall improved profitability, remained constrained by macro-economic challenges, inflation and forex unavailability in key geographies of South Asia and Egypt. Operational, formulation and sourcing efficiencies coupled with moderating raw material prices benefitted our margins in Q2 and resulted in strong profit growth for the quarter. Looking towards the second half of the year, we remain optimistic about improved demand conditions well supported by the longer festive season and the overall buoyant domestic economic growth,” said Amit Syngle, managing director & CEO of the company.

The board of directors approved payment of interim dividend of Rs. 5.15 per equity share of the face value of Re 1 each for the financial year ending March 31, 2024.

During the quarter, decorative business (India) saw 6% volume growth and flat value sales, coatings business witnessed 1.1% overall revenue growth.

Consolidated net sales increased by 0.3% to Rs 8,451.9 crore in Q2 FY24. For its international business, sales decreased in Q2 FY24 by 3.9% to Rs 775 crore from Rs 806 crore on the back of macro-economic and forex challenges in key markets of South Asia and Egypt.

In bath fittings business, sales decreased in Q2 FY24 by 20.0% to Rs 81.4 crore from Rs 101.8 crore on the back of weak consumer sentiment while Sales in kitchen business decreased by 17.9% to Rs 96.8 crore from Rs 117.8 crore on the back of weak consumer sentiment.

  • Published On Oct 26, 2023 at 03:30 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer

Leave a Comment