Asian Paints Q1 Results FY2023, PAT at Rs. 1036.03 crores

On 26th July 2022, Asian Paints announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company reported its consolidated sales at Rs.8578.99 crores with an increase of 55.0 % 

- EBITDA increases by 70.3% to Rs. 1,555.95 crores from Rs. 913.56 crores. 

- Profit before exceptional items and tax increases by 83.8% to Rs. 1,430.83 crores from Rs. 778.58 crores. 

- The company reported its Net Profit at Rs. 1036.03 with growth of 80.4%.

Business Highlights:

-  The sales for Bath Fittings business increased by 120.1% to Rs. 117.99 crores. EBITDA for Bath Fittings business increases to Rs. 4.21 crores.

- The sales for Kitchens business increased by 68.3% to Rs. 109.04 crores. EBITDA loss for Kitchen business reduced to Rs. 4.00 crores as against a loss of Rs. 5.38 crores in the last year.

- Economic crisis in Sri Lanka led to currency devaluation resulting in the recognition of an exceptional item of Rs. 24.21 crores towards exchange loss arising on foreign currency obligations of Causeway Paints Lanka (Pvt.) Limited (Causeway Paints) for Q1FY22.

Commenting on the results, Amit Syngle, Managing Director & CEO of Asian Paints Limited said: “The domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter. The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust 4-year compounded growth in volume and value terms. The Auto OE and the General Industrial Coatings business delivered a sturdy growth trajectory. We continued to make further inroads in our Home Décor business, proliferating its product & service offerings. The International business also delivered a good double digit revenue growth for the quarter despite multiple headwinds across key geographies. While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses.”