Transferring ahead, Asian Paints will preserve concentrate on driving sturdy gross sales progress and proceed to spend money on a number of
initiatives and options, stated the corporate administration
The expansion of Asian Paints was sustained by the extended festive season, though there was a slight slowdown in demand in the direction of the top of the quarter, stated Amit Syngle, Managing Director & CEO of Asian Paints. The corporate’s Auto OE and Common Industrial coating segments skilled strong income progress and favorable revenue margins, he added.
“The quarter delivered a Ornamental & Industrial coating mixed worth progress of 6.1 p.c with a robust double-digit Industrial coatings worth progress. The Ornamental Enterprise grew effectively in Luxurious and Financial system segments to register a strong 12 p.c quantity progress and a worth progress of 5.5 p.c, ” Syngle stated in Asian Paints‘ earnings press launch.
“Our Worldwide Enterprise noticed progress within the Center East and Africa and registered elevated profitability total. It, nonetheless, continued to stay constrained by macroeconomic headwinds, inflationary pressures in key geographies of South Asia and Egypt,” he stated speaking concerning the worldwide enterprise.
ALSO READ: Asian Paints Q3: Internet revenue up 34% to Rs 1,475 crore, income up 5%; meets estimates
Within the Dwelling Décor area, Asian Paints had a extra beneficial quarter, with new classes gaining traction. Syngle stated the corporate made vital progress in integrating its choices inside Lovely Houses shops and community. The corporate’s margins noticed notable enchancment because of the progress in luxurious merchandise and the easing of uncooked materials costs, together with operational, formulation, and sourcing efficiencies in Q3, he added.
“Transferring ahead, we’ll preserve concentrate on driving sturdy gross sales progress and proceed to spend money on a number of initiatives and options for our prospects, constructing on our management place,” stated Syngle.
The corporate on January 17 reported a consolidated web revenue of Rs 1,475.16 crore for the third quarter of the monetary yr 2023-24, up 34.4 p.c from Rs 1,097.06 crore within the year-ago interval. Sequentially, the revenue was up 19.69 p.c.
The paint producer reported a 5.4 p.c year-on-year (YoY) up in consolidated income at Rs 9,104 crore within the December quarter in opposition to Rs 8,636.7 crore within the year-ago interval.
Story continues beneath Commercial
Shares of Asian Paints ended 1.43 p.c decrease at Rs 3,249.70 on the NSE on January 17.
