Asian Paints on Thursday reported a 53.31 per cent year-on-year (YoY) increase in its consolidated net profit at Rs 1,232.39 crore for the second quarter of the financial year 2023-24, compared to Rs 803.83 crore in the same quarter last year.year-ago period. However, the profit declined by 21.74 per cent.
The company’s consolidated revenue slightly increased by 0.03 per cent YoY at Rs 8,478.57 crore in the September quarter against Rs 8,457.57 crore in the previous period. The revenue decreased 7.66 per cent from the June quarter.
“The Domestic Decorative Paint business for Q2 was muted, registering a flat value sale with a 6 percent volume growth. The erratic monsoon impacted market sentiment potentially leading to deferment of sales to October given the late Diwali this year Looking towards the second half of the year, we remain optimistic about improved demand conditions well supported by the longer festive season and the overall buoyant domestic economic growth.” said Amit Syngle, Managing Director & CEO of Asian Paints Ltd.
The earnings before interest, tax, depreciation, and amortisation (EBITDA) came in at Rs 1,717 crore against Rs 1,219.3 crore in the previous year. The EBITDA margin stood at 20.2 per cent against 14.4 per cent in the year-ago period.
according to the regulatory filing, the interim dividend was approved at of Rs. 5.15 per equity share of the face value of Rs. 1 each for the financial year ending 31 March 2024.
