April 18, 2024

Transferring ahead, Asian Paints will keep deal with driving robust gross sales progress and proceed to put money into a number of
initiatives and options, mentioned the corporate administration

The expansion of Asian Paints was sustained by the extended festive season, though there was a slight slowdown in demand in direction of the tip of the quarter, mentioned Amit Syngle, Managing Director & CEO of Asian Paints.  The corporate’s Auto OE and Common Industrial coating segments skilled sturdy income progress and favorable revenue margins, he added.

“The quarter delivered a Ornamental & Industrial coating mixed worth progress of 6.1 % with a robust double-digit Industrial coatings worth progress. The Ornamental Enterprise grew nicely in Luxurious and Economic system segments to register a strong 12 % quantity progress and a worth progress of 5.5 %, ” Syngle mentioned in Asian Paints‘ earnings press launch.

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“Our Worldwide Enterprise noticed progress within the Center East and Africa and registered elevated profitability general. It, nevertheless, continued to stay constrained by macroeconomic headwinds, inflationary pressures in key geographies of South Asia and Egypt,” he mentioned speaking in regards to the worldwide enterprise.

ALSO READ: Asian Paints Q3: Internet revenue up 34% to Rs 1,475 crore, income up 5%; meets estimates

Within the Residence Décor house, Asian Paints had a extra beneficial quarter, with new classes gaining traction. Syngle mentioned the corporate made vital progress in integrating its choices inside Lovely Houses shops and community. The corporate’s margins noticed notable enchancment as a result of progress in luxurious merchandise and the easing of uncooked materials costs, together with operational, formulation, and sourcing efficiencies in Q3, he added.

“Transferring ahead, we are going to keep deal with driving robust gross sales progress and proceed to put money into a number of initiatives and options for our clients, constructing on our management place,” mentioned Syngle.

The corporate on January 17 reported a consolidated web revenue of Rs 1,475.16 crore for the third quarter of the monetary yr 2023-24, up 34.4 % from Rs 1,097.06 crore within the year-ago interval. Sequentially, the revenue was up 19.69 %.

The paint producer reported a 5.4 % year-on-year (YoY) up in consolidated income at Rs 9,104 crore within the December quarter in opposition to Rs 8,636.7 crore within the year-ago interval.

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Story continues beneath Commercial

Shares of Asian Paints ended 1.43 % decrease at Rs 3,249.70 on the NSE on January 17.