Asian Paints - Q1 FY'25 Consolidated Net Sales at Rs. 8,943 crores, down 2.3% Q1 FY'25 Standalone Net Sales at Rs. 7,853 crores, down 2.9% Q1 FY'25 Consolidated PAT down 24.6%
Published on 07/18/2024
at 06:57 pm IST - Modified on 07/18/2024
at 06:59 pm IST
Asian Paints today announced their financial results for the quarter ended June 30, 2024.
'Demand conditions for the paint industry were tough, impacted by the severe heatwave and general elections in the quarter. We delivered a good volume growth of 7% in the decorative segment aided by some movement in rural markets, however value declined by 3% impacted by the price decrease taken earlier in the year and shift in product mix. Unanticipated material price inflation coupled with supply chain challenges impacted profitability of the Decorative business for the quarter. The Industrial business did relatively better and grew by 5.8% by value backed by good growth in Auto OEM and powder coatings segment. Economy segment saw a good offtake aided by the launch of our revolutionary latex paint NeoBharat, which is part of our focused approach to make further inroads in the 'bottom of the pyramid' segment.
On the International front, geographies like Ethiopia and Sri Lanka grew well in Q1 on the back of gradual recovery in these economies, however key macroeconomic issues persisted in markets like Nepal, Bangladesh and Egypt impacting the overall performance for the International business. We saw a progressive quarter in Home Decor, with growth in all the categories and a strong growth in our Beautiful Home Stores.
In the near term, we expect demand conditions to improve at the back of improving rural sentiment and monsoons picking up gradually. We remain focused on driving growth through enhanced saliency of our brand, innovation and customer centricity.' 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 8 coatings companies in the world with a consolidated turnover of ? 35,382 crores (? 354 billion) with a market capital of approx. ? 2,800 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 the leading player in the Integrated 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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Asian Paints - Q1 FY'25 Consolidated Net Sales at Rs. 8,943 crores, down 2.3% Q1 FY'25 Standalone Net Sales at Rs. 7,853 crores, down 2.9% Q1 FY'25 Consolidated PAT down 24.6%
