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Asian Paints Q1FY24 results: Net profit jumps 52.5% to Rs 1,550 crore

The company cited economic uncertainty, forex crisis and liquidity issues in Asia and Africa for a fall in its international sales

Asian Paints

Asian Paints

BS Web Team New Delhi

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Asian Paints on Tuesday reported a 52.5 per cent jump in its net profit in the quarter that ended on June 30 to Rs 1,550.4 crore from Rs 1,016.9 crore in the same period last year. As compared to Rs 1,234.14 crore in the quarter that ended on March 31, the profit was up 25.5 per cent.

In the June quarter, the consolidated net sales increased by 6.7 per cent to Rs 9,153.8 crore from Rs 8,578.9 crore last year, The gross margin improved by 530 basis points in Q1FY24 as compared to Q1FY23.

In its international business segment, the sales decreased by 1.4 per cent to Rs 695.1 crore from Rs 705.2 crore on the back of "economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa", the company said in a release.

In constant currency terms, sales increased by 3.8 per cent year-on-year (YoY).

In its bath fittings business, the sales decreased by 28.2 per cent to Rs 84.7 crore from Rs 118.0 crore due to a high base in the last year due to price increases, the company said.

The profit before depreciation, interest, and tax (PBDIT) loss was Rs 80 lakh against a profit of Rs 4.2 crore in the corresponding period of the previous year.

In its kitchen business, the sales decreased by 12 per cent to Rs 96 crore from Rs 109 crore.

"The business achieved PBDIT break‐even with PBDIT of Rs 70 lakh as against a loss of Rs 4 crore in the corresponding period of the previous year," it said.

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First Published: Jul 25 2023 | 1:57 PM IST

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