Asian Paints Ltd Q3 Results FY2024, Net profit at Rs.1447.7 crores

On 17th January, Asian Paints announced its quarterly results.

Key Highlights:

- Consolidated Net Sales increased by 5.4% to Rs.9074.9 crores for Q3FY24.
- PBDIT increased by 27.6% to ₹ 2,056.1 crores from ₹ 1,611.4 crores. 
- PBDIT Margin as % to Net Sales improved to 22.7% from 18.7% in the corresponding period of the previous year.
- Net Profit increased by 35.0% to Rs.1,447.7 crores

Business Highlights:

- International business sales were flat in Q3 FY’24 at ₹ 779.1 crores from ₹ 778.8 crores on the back of macro-economic headwinds, and inflation in key markets of South Asia and Egypt. In constant currency terms, sales increased by 5.2%.
- Bath Fittings business sales decreased in Q3 FY’24 by 5.0% to ₹ 85.4 crores from ₹ 89.8 crores on the back of weak industry demand.
- Kitchen business sales was flat in Q3 FY’24 at ₹ 100.1 crores from ₹ 100.7 crores after 4 quarters of de-growth.
- Sales at White Teak in Q3 FY’24 increased by 18.3% to ₹ 33.7 crores. Sales at Weatherseal more than doubled to ₹ 13.7 crores. 
- APPPG sales increased in Q3 FY’24 by 10.1% to ₹ 288.0 crores from ₹ 261.6 crores.
- PPGAP sales increased in Q3 FY’24 by 12.3% to ₹ 576.2 crores from ₹ 513.3 crores.
- Brownfield expansions at both Khandala and Kasna have been completed with installed production capacity increasing from 300,000 KL p.a. to 400,000 KL p.a. and 80,000 KL p.a. to 100,000 KL p.a. respectively.

Commenting on the results Amit Syngle, Managing Director & CEO of Asian Paints Limited said: “The quarter delivered a Decorative & Industrial coatings combined value growth of 6.1% with a strong double-digit Industrial coatings value growth. The Decorative Business grew well in Luxury and Economy segments to register a robust 12 % volume growth and a value growth of 5.5%. Growth was supported by the extended festive season, though we saw some moderation in demand in the latter part of the quarter. Both our Auto OE and General Industrial coating businesses achieved sturdy revenue growths and good profit margins. Our International Business saw growth in the Middle East and Africa and registered increased profitability overall. It, however, continued to remain constrained by macroeconomic headwinds, and inflationary pressures in key geographies of South Asia and Egypt. We saw a better quarter in the Home Décor space, with new categories making headway, as we made good progress on integrating our offerings within our Beautiful Homes stores and network. Our margins gained significantly from growth in luxury products and softening raw material prices coupled with operational, formulation and sourcing efficiencies in Q3. Moving forward, we will maintain focus on driving strong sales growth and continue to invest in multiple initiatives and solutions for our customers, building on our leadership position.”