Asian Paints posts 44% rise in Q4 profit to Rs 1,258 crore, beats estimates
Zee Business Research analysts had estimated the paint company to report Rs 1,153 crore profit and Rs 8,810 crore revenue during the March quarter.
Asian Paints on Thursday, May 11, 2023, reported a strong set of numbers for the January-March quarter of the fiscal 2022-23 (Q4FY23). Both top and bottom lines grew in double-digit year-on-year (YoY) during the period. The paint major’s net profit grew 44 per cent YoY to Rs 1,258.4 crore as compared to Rs 874 crore registered in the same quarter a year ago, according to the regulatory filing.
The company’s revenue from operations jumped more than 11 per cent to Rs 8,787.3 crore against Rs 7,892.7 crore logged in the year-ago quarter. Zee Business Research desk had estimated the paint company to report Rs 1,153 crore profit and Rs 8,810 crore revenue during the March quarter.
The earnings before interest, taxes, depreciation, and amortisation, or EBITDA of Asian Paints surged by 29.2 per cent to Rs 1,865 crore during the March quarter against Rs 1,443.3 crore in the corresponding quarter of the fiscal year 2021-22. Zee Business research analysts had expected the EBITDA to grow to Rs 1,737 crore in Q4FY23.
Similarly, the margins of the paint company were up around 290 basis points to 21.2 per cent from 18.3 per cent year-on-year during the fourth quarter of the fiscal year 2022-23. According to Zee Business analysts’ margins of Asian Paints were seen growing 20 per cent in the March quarter.
The company's domestic decorative business volume and value growth for the fiscal year 2023-22 stood at 14 and 20 per cent on a standalone basis, according to the regulatory filing.
In its outlook, Asian Paints Managing Director & CEO Amit Syngle said, “Going forward, as a market leader, we will continue to aggressively pursue growth. Our performance will be driven by our consistent focus on customer centricity, innovation, sustained investment in B2B business coupled with our powerhouse brand, robust supply chain and distribution network.”
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