Asian Paints on Thursday reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore for the second quarter ended September 30, 2022 driven by robust sales. The company had posted a net profit of Rs 605.17 crore in the same quarter last fiscal year, Asian Paints said in a regulatory filing.
Revenue from operations stood at Rs 8,457.57 crore in the quarter under review as compared to Rs 7,096.01 crore in the year-ago period, it added. “The domestic decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon," Asian Paints Managing Director & CEO Amit Syngle said.
The home decor business continued to gain traction with focus on lighting, kitchen and bath along with expansion of ‘Beautiful Homes Stores’ and the home decor implementation arm, ‘Beautiful Homes Service’ across markets, he added. Syngle further said, “The auto OE (original equipment) business delivered robust growth, while the industrial coatings business continued with its high growth trajectory led by protective and powder coatings." The international business also registered a good double-digit revenue growth despite multiple headwinds across key markets, he added.
Sales in the international market increased 15.3 per cent in Q2 FY23 to Rs 805.99 crore from Rs 699.28 crore in the year-ago period, the company said. Asian Paints said its board of directors has approved payment of an interim dividend of Rs 4.40 per equity share.