Financial Highlights: Q2 FY’23
- Consolidated Sales for the quarter increased by 19.8 %
- Consolidated Net Profit for the quarter increased by 32.8 %
- Standalone Sales for the quarter increased by 20.1 %
- Standalone Net Profit for the quarter increased by 23.4 %
- Announced interim dividend of 440%
According to the company’s website press release on October 20, 2022, Asian Paints Ltd announced their financial results for the quarter and six months ended September 30, 2022.
“The domestic Decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended 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. The Home Décor business continued to gain traction with focus on Lighting, Kitchen and Bath along with proliferation of our Beautiful Homes Stores and the Home Décor implementation arm, Beautiful Homes Service, across markets. The Auto OE business delivered robust growth, while the Industrial coatings business continued with its high growth trajectory led by Protective & Powder Coatings. The International business also registered a good double digit revenue growth despite multiple headwinds across key markets. We took a series of calibrated price increases to offset the impact of increased inflation on margins. We continue to enhance our customer engagement endeavors and are embarking on a series of breakthrough initiatives in the value chain to deliver sustained value for all our stakeholders.” said Amit Syngle, Managing Director & CEO of Asian Paints Limited.
Asian Paints Consolidated Results, Q2 FY’23:
- Consolidated Sales increased by 19.8 % to ₹ 8,430.60 crores from ₹ 7,036.51 crores.
- Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share of profit in associates) increased by 35.7 % to ₹ 1,227.70 crores from ₹ 904.45 crores.
- Profit before exceptional items and tax increased by 32.4 % to ₹ 1,094.16 crores from ₹ 826.24 crores.
- Net profit after minority interest increased by 31.3 % to ₹ 782.71 crores from ₹ 595.96 crores.
Asian Paints Consolidated Results, H1 FY’23:
- Consolidated Sales increased by 35.3 % to ₹ 17,009.48 crores from ₹ 12,571.38 crores.
- PBDIT for the group (before share of profit in associates) increased by 53.1 % to ₹ 2,783.65 crores from ₹ 1,818.01 crores.
- Profit before exceptional items and tax increased by 57.3 % to ₹ 2,524.99 crores from ₹ 1,604.82 crores.
- Net profit after minority interest increased by 54.5 % to ₹ 1,799.64 crores from ₹ 1,164.46 crores.
Asian Paints Standalone Results, Q2 FY’23:
- Sales increased by 20.1% to ₹ 7,315.86 crores from ₹ 6,090.08 crores.
- PBDIT for the quarter increased by 27.5 % to ₹ 1,115.55 crores from ₹ 874.92 crores.
- Profit before tax increased by 23.0% to ₹ 1,020.20 crores from ₹ 829.52 crores.
- Net Profit increased by 23.4% to ₹ 763.29 crores from ₹ 618.63 crores
Asian Paints Standalone Results, H1 FY’23:
- Sales increased by 37.4% to ₹ 14,871.66 crores from ₹ 10,823.38 crores.
- PBDIT increased by 46.7% to ₹ 2,578.13 crores from ₹ 1,756.87 crores.
- Profit before tax increased by 47.3% to ₹ 2,392.61 crores from ₹ 1,624.18 crores.
- Net Profit increased by 46.6% to ₹ 1,780.57 crores from ₹ 1,214.49 crores
Business Highlights:
International business:
- Sales increased by 15.3% in Q2 FY’23 to ₹ 805.99 crores from ₹ 699.28 crores. PBT was ₹ 43.48 crores in Q2 FY’23 as against loss of ₹ 16.74 crores in the corresponding period of previous year.
- Sales increased by 15.5% in H1 FY’23 to ₹ 1,511.19 crores from ₹ 1,308.71 crores. PBT before exceptional item was ₹ 81.38 crores in H1 FY’23 as against loss of ₹ 27.96 crores in the corresponding period of previous year.
Bath Fittings business:
- Sales increased by 10.9% in Q2 FY’23 to ₹ 101.77 crores from ₹ 91.77 crores. PBT was ₹ 0.24 crores in Q2 FY’23 as against ₹ 3.29 crores in the corresponding period of previous year.
- Sales increased by 51.2% in H1 FY’23 to ₹ 219.77 crores from ₹ 145.38 crores. PBT was ₹ 4.63 croresin H1 FY’23 as against ₹ 1.66 croresin the corresponding period of previous year.
Kitchen business:
- Salesincreased by 14.2% in Q2 FY’23 to ₹ 117.83 croresfrom ₹ 103.15 crores. PBT loss was ₹ 4.30 crores in Q2 FY’23 as against a profit of ₹ 0.25 crores in the corresponding period of previous year.
- Sales increased by 35.1% in H1 FY’23 to ₹ 226.87 crores from ₹ 167.95 crores. PBT loss was ₹ 11.25 crores in H1 FY’23 as against a loss of ₹ 7.30 crores in the corresponding period of previous year.
Industrial business:
- APPPG Salesincreased by 25.4% in Q2 FY’23 to ₹ 224.98 croresfrom ₹ 179.35 crores. PBT was ₹ 13.65 crores in Q2 FY’23 as against ₹ 4.84 crores in the corresponding period of previous year.
- APPPG Sales increased by 39.5% in H1 FY’23 to ₹ 466.94 crores from ₹ 334.75 crores. PBT was ₹ 25.65 crores in H1 FY’23 as against ₹ 8.50 crores in the corresponding period of previous year.
- PPGAP Sales increased by 24.7% in Q2 FY’23 to ₹ 468.85 crores from ₹ 375.84 crores. PBT was ₹ 56.79 croresin Q2 FY’23 as against ₹ 27.10 croresin the corresponding period of previous year.
- PPGAP Sales increased by 40.3% in H1 FY’23 to ₹ 885.26 crores from ₹ 631.18 crores. PBT was ₹ 88.76 croresin H1 FY’23 as against ₹ 20.82 croresin the corresponding periodof previous year.
Dividend:
The Board of Directors approved the payment of interim dividend of ₹ 4.40 per equity share (440%).
About Asian Paints Limited:
Asian Paints is India’s leading paint and decor company and ranked among the top ten Decorative coatings companies in the world with a consolidated turnover of ₹ 29,101.28 crores (₹ 291 billion) with a market capital of approx. ₹ 3100 billion. Asian Paints along with its subsidiaries have operations in 15 countries across the world with 27 paint manufacturing facilities, servicing consumers in over 60+ countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints also offers a wide range of Home Décor products and is an emerging strong player in the Home Improvement and Décor space in India.
