19.4 C
New York

Asian Paints’ consolidated net flat at Rs 874.05 crore

Published:

The net profit attributable to the owners of the company was at Rs 850.42 crore, much below the consensus estimate of Bloomberg analysts at Rs 897.6 crore for the reporting quarter.

Asian Paints posted an almost flat consolidated net profit of Rs 874.05 crore for the quarter ended March, as raw material prices soared, compared with Rs 869.89 crore recorded during the same period a year ago.

The net profit attributable to the owners of the company was at Rs 850.42 crore, much below the consensus estimate of Bloomberg analysts at Rs 897.6 crore for the reporting quarter.

The company had incurred an exceptional item of Rs 115.70 crore for the quarter due to the current economic crisis in Sri Lanka and subsidy receivables for earlier years, it said in a statement.

“The domestic decorative business grew strongly, registering 8% volume growth and 20% plus revenue growth on a high base. The international business managed to deliver a double-digit revenue growth for the quarter, despite severe challenges in key markets. The industrial coatings business closed the quarter with another round of robust double digit revenue growth with continued momentum in the protective coatings segment,” Asian Paints Managing Director and Chief Executive Officer Amit Syngle said.

“We continued to improve our operating margins on a sequential basis which was a result of some calibrated price increases, driving the premium and luxury product growths, coupled with some strong work on driving operational efficiencies across businesses,” he added.

During the quarter under review, the company’s total income on a consolidated basis rose to Rs 7,973.06 crore from Rs 6,726.84 crore recorded during the year-ago period.

The current economic crisis in Sri Lanka has led to currency devaluation. This has resulted in recognition of exceptional items of Rs 48.50 crore towards exchange loss of Causeway Paints Lanka in the consolidated earnings for the quarter and year ended March 31, 2022, it said.

Asian Paints’ board recommended a final dividend of Rs 15.50 per share of the face value of Re 1 each for the financial year ended March 31. This will increase the total dividend for the year at Rs 19.15 per share for FY 2021-22.

Related articles

Recent articles

spot_img