Asian Paints on Tuesday announced the financial results for the quarter ended June 30, 2023, the company announced through an exchange filing.
Asian Paints Consolidated Results, Q1FY24
Consolidated Net Sales increased by 6.7 percent to ₹ 9,153.8 crores from ₹8,578.9 crores. Improvement in gross margins by 530 basis points in Q1 FY24 as compared to Q1 FY23.
PBDIT [Profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) increased by 36.3 percent to ₹2,121.3 crores from ₹1,556.0 crores. PBDIT Margin as percent to Net Sales improved to 23.2 percent from 18.1 percent in the corresponding period of the previous year and 21.3 percent in Q4 FY23.
Profit before exceptional items and tax increased by 47.1percent to ₹2,105.0 crores from ₹1,430.8 crores. Net Profit after minority interest increased by 52.5 percent to ₹1,550.4 crores from ₹1,016.9 crores.
Asian Paints Standalone Results, Q1FY24
Net Sales increased by 7.0 percent to ₹8,084.9 crores from ₹7,555.8 crores. Improvement in gross margins by 550 basis points in Q1FY24 as compared to Q1FY23.
PBDIT for the quarter increased by 36.7 percent to ₹1,999.8 crores from ₹1,462.6 crores. PBDIT Margin as percent to Net Sales improved to 24.7 percent from 19.4 percent in the corresponding period of the previous year and 23.0 percent in Q4 FY23.
Profit before tax increased by 47.1 percent to ₹ 2,018.2 crores from ₹ 1,372.4 crores. Net Profit increased by 48.3 percent to ₹ 1,508.4 crores from ₹ 1,017.3 crores.
International business
Sales decreased by 1.4 percent to ₹695.1 crores from ₹705.2 crores on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa. In constant currency terms, sales increased by 3.8 percent. PBT before exceptional items was ₹26.5 crores as against ₹37.9 crores in the corresponding period of previous year.
Bath Fittings business
Sales decreased by 28.2 percent to ₹84.7 crores from ₹118.0 crores on the back of high base in the last year due to price increases. PBDIT loss was ₹0.8 crores against profit of ₹4.2 crores in the corresponding period of the previous year.
Kitchen business
Sales decreased by 12.0 percent to ₹96.0 crores from ₹109.0 crores on the back of high base in the last year due to price increases. The business achieved PBDIT break‐even with PBDIT of ₹0.7 crores as against a loss of ₹4.0 crores in the corresponding period of previous year.
White Teak and Weatherseal
Sales at White Teak increased by 28.4% to ₹ 26.0 crores. Sales at Weatherseal more than doubled to ₹ 9.8 crores. Both these recent acquisitions are gaining from synergies with the Asian Paints network.
Industrial business
APPPG sales increased by 21.6 percent to ₹294.2 crores from ₹ 242.0 crores. PBT was ₹39.2 crores as against ₹12.0 crores in the corresponding period of previous year.
PPGAP sales increased by 13.3 percent to ₹471.9 crores from ₹416.4 crores. PBT was ₹82.0 crores as against ₹32.0 crores in the corresponding period of previous year.
On 23 June 2023, the Company has further acquired 11% stake of White Teak from its existing shareholders for a cash consideration of ₹ 53.8 crores
Asian paints Shares
The shares of Asian Paints on Tuesday at 2:57 pm IST were at ₹3,400.50, down by 4.04 percent.
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