Asian Paints Q1 result
Published On: Tuesday, July 26, 2022 | By: Team KnowMyStock
Asian Paints on Tuesday reported a consolidated net profit of ₹1,036 crores, up over 80% as compared to ₹574 crores in the same quarter last year, as the business grew both in volume and value terms. Its revenue surged more than 54% to ₹8,607 crores as against ₹5,585 crore year-on-year (YoY).On a standalone basis, Asian Paint's revenue for the quarter under review increased by 59.6% whereas standalone Net Profit for the quarter rose by 70.7%. Asian Paints' total expenses were at Rs 7,287.84 crore, up 48.91 percent in Q1/FY 2022-23, as against Rs 4,893.87 crore in the corresponding period."The domestic decorative business more than doubled its volume and delivered stellar revenues over the lower base of last year, which had suffered from the first nationwide lockdown. The industrial business and the home improvement business also doubled its revenue on last year's low base," Amit Syngle, Managing Director & CEO of the paint company said.
Asian Paints' international business also delivered a good double-digit revenue growth for the quarter despite multiple headwinds across key geographies.While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses," added Syngle.
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