Indigo Paints’ net profit up 58.26% in Q1 FY24, Real Estate News, ET RealEstate
NEW DELHI: Indigo Paints has reported a growth of 58.26 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 31.51 crore in Q1 FY24 as against Rs 19.91 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 292.24 crore in Q1 FY24, a growth of 30.19 per cent from Rs 224.47 crore it recorded in the similar quarter last year.
The company, pursuant to share purchase agreement acquired 51% shares in Apple Chemie India (ACIPL) in April, 2023 for a consideration of Rs 29.33 crore. Further, the company has entered into an agreement for a right purchase for the balance 49% shares by way of call options at the end of 38 months and an obligation to buy from the balance 49% by way put option at the end of 62 months. The contractual obligation towards such acquisition as on the date of the acquisition is Rs 29.04 crore.
During the quarter, the company had clocked an industry leading growth of 23.67%. The gross margins improved further from 46.82% in Q4 FY23 to an industry leading 47.58% in Q1 FY24, and 45.19% in Q1 FY23.
