Asian Paints stock plunges near 2% post Q3FY23 numbers

20 Jan 2023 , 09:16 AM

Asian Paints Ltd has announced their financial results for the quarter and nine months ended December 31, 2022.

Key Highlights:

• Consolidated Sales for the quarter increased by 1.7 % 
• Consolidated Net Profit for the quarter increased by 6.4 %
• Standalone Sales for the quarter increased by 0.9 % 
• Standalone Net Profit for the quarter increased by 6.4 %

Asian Paints Consolidated Results, Q3 FY’23:

• Consolidated Sales increased by 1.7 % to Rs8,607.50 crore from Rs8,462.15 crore 
• Profit before depreciation, interest, tax and other income (PBDIT) for the Group (before share of profit in associates) increased by 4.5 % to Rs1,611.43 crore from Rs1,542.31 crore.
• Profit before exceptional items and tax increased by 6.1 % to Rs1,478.20 crore from Rs1,393.72 crore. 
• Net profit after minority interest increased by 5.6 % to Rs1,072.67 crore from Rs1,015.69 crore.

Asian Paints Consolidated Results, 9M FY’23:

• Consolidated Sales increased by 21.8 % to Rs25,616.98 crore from Rs21,033.53 crore. 
• PBDIT for the Group (before share of profit in associates) increased by 30.8 % to Rs4,395.08 crore from Rs3,360.32 crore. 
• Profit before exceptional items and tax increased by 33.5 % to Rs4,003.19 crore from Rs2,998.54 crore. 
• Net profit after minority interest increased by 31.7 % to Rs2,872.31 crore from Rs2,180.15 crore.

“The domestic Decorative Business registered a flat volume and value sales delivery for the quarter, on a very high price increase base in the previous year. The extended monsoon in October also affected retailing in the peak festival season; but demand picked up in November and December leading to a double-digit growth for the Decorative Business in December. 

Overall, on a 9-month basis, the Decorative Business continues to grow at healthy double-digit volume and value growths with strong CAGRs. The operating margins improved strongly on sequential basis as well as saw an improvement on a y-o-y basis driven by deflation in some of the raw material prices as well as continued work on driving operational efficiencies across businesses’, said Amit Syngle, Managing Director & CEO of Asian Paints Limited.

On Friday early morning trade, Asian Paints was trading at Rs2818.20 per share lower by 1.74% on the BSE.

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