Asian Paints today announced their financial results for the quarter ended June 30, 2023.
Q1 FY'24 Highlights
Double-digit volume and healthy value growth in Decorative Business (India) o Consistent double-digit volume growth trend on 4 yr CAGR basis
Home Decor benefitted from high growth trajectory in fabrics, decorative lighting, UPVC windows & doors; focused on scaling up Kitchen & Bath
Sustained double-digit revenue growth trajectory in Industrial Business
Macro uncertainties and forex tightness impacting key Asian markets in International Business Operating, sourcing and formulation efficiencies coupled with softening material prices resulted in improved operating margins: o Q1 FY'24 Consolidated PBDIT Margin expands by 510bps to 23.2% o Q1 FY'24 Standalone PBDIT Margin expands by 540bps to 24.7%
'Our Domestic Decorative business registered double digit volume growth and a relatively healthy value growth, coming on a high base of the previous year. Both the Auto OE and the General Industrial coating businesses achieved a strong double-digit revenue growth, led by growth in the Protective & Powder Coatings segment. Our international business was supported by good deliveries from the Middle East region however, continued macro-economic challenges and adverse forex conditions in Asian markets, resulted in an overall subdued growth for the international portfolio. On the Home Decor front, categories like fabrics, decorative lighting, UPVC doors & windows maintained their high growth trajectory. However, the Kitchen and Bath business segments were sluggish.
Overall, we have recorded significant improvement in margins, both sequentially as well as on year-on-year basis, aided by strong efforts on driving operational, formulation and sourcing efficiencies and supported by easing inflation in raw material prices. Looking ahead, we remain focused on pursuing growth and are confident about a robust festival season ahead.', said Amit Syngle, Managing Director & CEO of Asian Paints Limited.
About Asian Paints Limited
Asian Paints is India's leading paint and decor company and ranked among the top 7 coatings companies in the world with a consolidated turnover of ? 34,489 crores (? 345 billion) with a market capital of approx. ? 3,400 billion. Asian Paints along with its subsidiaries have operations in 15 countries across the world with 27 paint manufacturing facilities, servicing consumers in over 60+ countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints also offers a wide range of Home Decor products and is an emerging strong player in the Home Improvement and Decor space in India.
Asian Paints is the Indian No. 1 and world's No. 3 in manufacturing and marketing paints and surfaces coating products. Net sales by product family and services as follows:
- paints and surfaces coating products (98.9%): decorative and industrial paints, enameling products, wood varnishes and car paints under Apex, Ace, Roÿale, Utsav, Tractor, Premium, Berger, Scib, Apco and Taubmans brands;
- home improvement services (1.1%).
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