Asian Paints Q1 Results: Profit increases 79% year over year to Rs1,017 crore, exceeding expectations

27 Jul 2022 , 08:10 AM

Asian Paints reported on Tuesday that its consolidated net profit after minority interest in the June quarter increased by 78.9% year over year (YoY) to Rs1,016.93 crore from Rs568.50 crore in the same quarter last year.

In comparison to the same quarter the previous year, consolidated revenues for the quarter increased by 55% to Rs8,578.88 crore from Rs5,534.87 crore.

Before extraordinary items and taxes, profit increased 83.8% year over year to Rs1,430.83 crore from Rs778.58 crore.

The company reported that the domestic ornamental market had significant quarterly revenue growth and good consumer demand. According to the company, the volume growth experienced in the most recent quarter was among the strongest in the previous six, and both volume and value saw strong 4-year compounded growth.

A solid growth trajectory was generated by the General Industrial Coatings and Auto OE businesses.

“We kept expanding the product and service offerings in our home décor business as we continued to make progress. Despite numerous challenges in important geographic areas, the international company also achieved solid double-digit revenue growth for the quarter “said Amit Syngle, managing director and CEO.

While the ongoing inflationary environment continues to have an impact on gross margins, according to Syngle, his company produced excellent operating margins with a strong focus on premium and luxury offerings, resulting in increased operational savings across businesses.

“Causeway Paints Lanka (Causeway Paints) recognized an exceptional item of Rs24.21 crore towards exchange loss arising on foreign currency liabilities for the quarter ended June 30, 2022,” the business stated. “Economic turmoil in Sri Lanka led to currency devaluation.”