Asian Paints Q2 results: Profit jumps 31% to Rs 783 crore; Rs 4.40 per share dividend announced
Asian Paints on Thursday reported a 31.3 per cent year-on-year (YoY) rise in consolidated net profit (after minority interest) at Rs 782.71 ┬аcrore in the September quarter compared with Rs 595.96 crore in the corresponding quarter last year.
The paints maker said its consolidated sales for the quarter rose 19.8 per cent to Rs 8,430.60 crore from Rs 7,036.51 crore in the year-ago quarter.
On a standalone basis, profit jumped 23.4 per cent YoY to Rs 763.29 crore from Rs 618.63 crore in the year-ago quarter. Standalone sales rose 20.1 per cent to Rs 7,315.86 crore from Rs 6,090.08 crore YoY.
Shares of Asian Paints fell in a kneejerk reaction to the September quarter results. At 1.56 pm, the scrip was trading 3.08 per cent lower at Rs 3,115.05.
Managing Director & CEO, Amit Syngle, said: The domestic decorative business showed resilience to deliver a double-digit volume ┬аgrowth and healthy value growth despite subdued demand conditions, impacted by the ┬аextended monsoon. The business focus on top line is evident from the double-digit compounded growth rates in volume and value sales for a sixth quarter in a row.”
Syngle said the Home D├йcor business continued to gain traction with focus on lighting, kitchen and bath.
“The Auto OE business delivered robust growth, ┬аwhile the Industrial coatings business continued with its high growth trajectory led by ┬аProtective & Powder Coatings. The International business also registered a good double ┬аdigit revenue growth despite multiple headwinds across key markets. We took a series of ┬аcalibrated price increases to offset the impact of increased inflation on margins,” Syngle said.
The paints maker said its international business sales increased 15.3 per cent to Rs 805.99 crore from Rs 699.28 crore. Profit before tax stood at Rs 43.48 crore as against a loss of Rs 16.74 crore in the corresponding period of previous year, the company said in a BSE filing. ┬а
Bath fittings business saw sales rising 10.9 per cent; Kitchen business saw revenues climbing 14.2 per cent while industrial business sales jumped 25.4 per cent YoY.
The company board approved the payment of interim dividend of Rs 4.40 per equity share.
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