Q2 Result: Asian Paints Consolidated Profit Up 53% The net profit stood at INR 1,232.39 crore, as compared to INR 803.83 crore in the same quarter last year
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Asian Paints reported an increase of 53.31 per cent in its consolidated net profit in the quarter ended September 30th. The net profit stood at
INR 1,232.39 crore, as compared to INR 803.83 crore in the same quarter last year.
The domestic coatings business, decorative and industrial combined, registered a subdued 1.1 per cent revenue growth in the quarter. The Domestic Decorative Paint business for Q2 was muted, registering a flat value sale with a 6 per cent volume growth. The erratic monsoon impacted market sentiment potentially leading to deferment of sales to October given the late Diwali this year.
"Growth in our Automotive & Refinish business was decent, while our General Industrial Coatings business sustained its double-digit growth trajectory. Our International Business, though supported by robust growth in the Middle East and an overall improved profitability, remained constrained by macro-economic challenges, inflation and forex unavailability in key geographies of South Asia and Egypt. While demand in the Home Décor space was soft on account of muted consumer sentiments, we continued to strengthen our décor foray with new collections, network and store expansions. Operational, formulation and sourcing efficiencies coupled with moderating raw material prices benefitted our margins in Q2 and resulted in strong profit growth for the quarter. Looking towards the second half of the year, we remain optimistic about improved demand conditions well supported by the longer festive season," said Amit Syngle, Managing Director & CEO of Asian Paints Limited.
The revenue from operations for Q2FY24 stood at INR 8,478.57 crore, compared to INR 8,457.57 crore year-on-year (y-o-y), registering a rise of 0.24 per cent.