Asian Paints Q1 net profit jumps 80% to Rs 1,036 cr, sales up 55%

Asian Paints Ltd on Tuesday reported an 80.39 per cent increase in its consolidated net profit to Rs 1,036.03 crore for the first quarter ended on June 30, 2022, as the business grew both in volume and value terms.

The company had posted a net profit of Rs 574.30 crore during the April-June quarter of the previous fiscal, Asian Paints said in a regulatory filing.

Its revenue from operations was up 55 per cent to Rs 8,578.88 crore during the quarter under review as against Rs 5,534.87 crore in the corresponding period of the previous fiscal.

Asian Paints' total expenses were at Rs 7,287.84 crore, up 48.91 per cent in Q1/FY 2022-23, as against Rs 4,893.87 crore in the corresponding period.

Commenting on the results, Asian Paints Managing Director & CEO Amit Syngle said the domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter.

"The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust 4-year compounded growth in volume and value terms," he 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, said Syngle.

Shares of Asian Paints Ltd closed marginally up at Rs 3,108 on BSE.