Asian Paints Q2 Results FY2023, PAT at Rs. 763.29 crores
On 20th October 2022, Asian Paints announced its second quarter results for the period ending 30th September 2022.
Q2FY23 Performance updates:
- Revenue from Operations for the quarter at Rs. 7344.34 Crores, up by 19.4%.
- PBT for the quarter at Rs 1020.20 Crores, a growth of 23%
- Net Profit for the quarter was reported at Rs 763.29 Crores, with a growth of 23.4%.
Business Highlights:
- White Teak generated revenue of Rs 24 crores during Q2FY23
- Weatherseal reported a Revenue of Rs 7 crores during the quarter
- Kitchen Business reported revenue of Rs.100+ crores for the 5th consecutive quarter
- Bath business reported a revenue of Rs. 100+ crores for the 4th consecutive quarter.
- Overall, International Business revenue for Q2FY23 stood at Rs . 806 crores up by 15.3 %, Double-digit revenue growth for Q2 was largely led by price increases & currency movements
Commenting on the results, Mr. Amit Syngle, MD & CEO of Asian Paints Limited, said: “Asian Paints is excited to enter the white cement space by setting up its own manufacturing facility in partnership with Riddhi Siddhi and ASD in Fujairah, UAE. We have always innovated in our offerings and with this we will enrich our powder products with custom-made, value-for-money white cement, coupled with an uninterrupted supply, to deliver a strong value to our customers. Given the synergy of 70% of the white cement being sold through the paint/hardware/tile retailers, this offers Asian Paints a huge opportunity to market white cement to our extensive network of dealers across the country. This unique endeavor of backward integration and having a finished product gives us a chance to value add to our customers and at the same time add to our revenue and margins”.
The Asian paints share price dropped by 1.54%
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