- Asian Paints reported a consolidated net profit of Rs 1,232.39 crore for the second quarter of FY 2023-24, marking a 53.31 percent increase from Rs 803.83 crore in the same period of the previous year. However, the profit was down 21.74 percent sequentially.
- The company reported a 0.03 percent year-on-year (YoY) increase in consolidated revenue, reaching Rs 8,478.57 crore in the September quarter, compared to Rs 8,457.57 crore in the year-ago period. Sequentially, revenue was down 7.66 percent.
- The profit was in line with expectations, but revenue fell short of estimates. A poll of four brokerages had anticipated Asian Paints’ Q2 revenue to be Rs 9,036.4 crore and net profit at Rs 1,287.4 crore.
- The company’s Domestic Decorative Paint business had muted results in Q2, with flat value sales and a 6 percent volume growth, possibly impacted by erratic monsoon conditions. However, the company remains optimistic about improved demand conditions in the second half of the year due to the longer festive season and overall strong domestic economic growth.
- Earnings before interest, tax, depreciation, and amortization (EBITDA) came in at Rs 1,717 crore, compared to Rs 1,219.3 crore in the year-ago quarter, with an EBITDA margin of 20.2 percent, up from 14.4 percent in the same period last year.