Asian Paints Q3 Results FY2023, Net Profit at Rs. 1097.06 Crores
On 19th January 2023, Asian Paints announced its results for the third quarter of FY2023.
- Consolidated Sales increased by 1.7 % to Rs. 8,607.50 crores.
- Profit before depreciation, interest, tax, and other income (PBDIT) for the Group (before share of profit in associates) increased by 4.5 % to Rs. 1,611.43 crores.
- Profit before exceptional items and tax increased by 6.1 % to Rs. 1,478.20 crores.
- Net profit was reported at Rs. 1,097.06 crores
- In International Business, Sales increased by 2.1% in Q3FY23 to Rs. 778.82 crores. In constant currency terms, sales increased by 13.4%. PBT was at Rs. 36.96 crores in Q3FY23. The reported sales increase was lower than the increase in sales in constant currency on account of currency depreciation in key markets such as Sri Lanka, Egypt, Bangladesh, and Ethiopia.
- In the Bath Fittings business, sales decreased by 10.9% in Q3FY23 to Rs. 89.84 crores. PBDIT was Rs. 0.07 crores in Q3FY23.
- In Kitchen business, Sales decreased by 7.1% in Q3 FY’23 to Rs. 100.68 crores. PBDIT loss was Rs. 3.26 crores in Q3 FY’23 as against profit of Rs. 1.82 crores in the corresponding period of previous year.
- The Whiteteak (lighting) business generated revenue of Rs. 28.46 crores in Q3 FY23.
- Weatherseal (uPVC windows and doors) generated revenue of Rs. 6.80 crores in Q3 FY23.
- Asian Paints PPG Sales increased by 23.9% in Q3 FY23 to Rs. 261.63 crores from Rs. 211.17 crores. PBT was Rs. 25.60 crores in Q3FY23 as against Rs. 12.07 crores in the corresponding period of previous year.
- PPG Asian Paints sales increased by 23.8% in Q3 FY23 to Rs. 513.34 crores.
Commenting on the results, Amit Syngle, Managing Director & CEO of Asian Paints Limited said: “The domestic Decorative Business registered a flat volume and value sales delivery for the quarter, on a very high price increase base in the previous year. The extended monsoon in October also affected retailing in the peak festival season; but demand picked up in November and December leading to a double-digit growth for the Decorative Business in December. Overall, on a 9 month basis, the Decorative Business continues to grow at healthy double digit volume and value growths with strong CAGRs. The operating margins improved strongly on sequential basis as well as saw an improvement on a y-o-y basis driven by deflation in some of the raw material prices as well as continued work on driving operational efficiencies across businesses. The Industrial Business did well led by strong growth in the Auto OE and General Industrial segments. The International Business was a mixed bag with good growth in the Middle East and Africa while the South Asia market, especially Sri Lanka and Bangladesh, got severely impacted by the adverse forex & macro-economic conditions. The Home Décor market continued its expansion foray but witnessed some slowdown in the Bath and Kitchen business this quarter. We continue to work diligently on multiple strategic initiatives to further strengthen our business model and deliver sustained value to all our stakeholders”.
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