Mumbai: India’s leading paints company Asian Paints declared a 43% rise in net profit to ₹994 crore from ₹ 694.6 crore last year. The company has witnessed a strong demand over the years, with its decorative paints segments continuing to outperform, while its emerging home decor and industrial coatings verticals also posting healthy growth numbers.
The company’s revenues from operations grew modestly by 6.4% from ₹8,003 crore to ₹ 8,513 crore in the same quarter last year, even as modest price hikes affected margins. Despite that, the company has declared an interim dividend of ₹4.5 per share, reflecting its long-standing tradition of declaring two dividends every year.
“We saw an improvement in our domestic decorative business with a double-digit volume growth of 10.9% and a 6% increase in value, despite the challenges posed by an extensive and prolonged monsoon. This growth was driven by our ability to generate demand across urban and rural areas through various regional activations and intense marketing /brand building measures. Growth was further accelerated by enhanced performance in our Automotive and Industrial Protective Coatings segments, contributing to an overall 6.7% value growth in the domestic coatings business. In the International business, we delivered double-digit revenue growth, led by key markets in South Asia, the Middle East and Africa. While the Home Décor business continues to navigate headwinds, our progress with Beautiful Homes stores is promising,” Amit Syngle, Managing Director & CEO of Asian Paints Ltd, said.
“Our ongoing efforts to elevate cost efficiencies have delivered positive results, allowing us to increase our profit margins even as we increased investments in our brand and retailing initiatives. The business landscape continues to be challenging and highly dynamic. However, we remain steadfast in our commitment to strengthening our brand saliency and driving innovation, to deliver sustained performance and create value for all our stakeholders.” he added.
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