NEW DELHI: Asian Paints on Tuesday reported an 80% increase in its consolidated net profit at Rs 1,036 crore in the first quarter of the financial year 2022-23 as compared to Rs 574 crore in the same quarter last year. The paints major also saw its revenue surging over 54% to Rs 8,607 crore as against Rs 5,585 crore in the year-ago period.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) stand at Rs 1,654.92 crore in June 2022, up 64.97% from Rs 1,003.17 crore in June 2021. Its sales for Kitchens business increased by 68.3% to Rs 109.04 crore from Rs 64.79 crore in the corresponding period of the previous year, Asian Paints stated in an exchange filing.
The domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter, according to Amit Syngle, Managing Director & CEO of Asian Paints. He went on to add that the volume growth registered in the quarter is one of the highest in the last six quarters.
“The business also registered robust 4-year compounded growth in volume and value terms. Environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses,” he said. At the same time, on a standalone basis, the company’s revenue for the quarter increased by 59.6% whereas standalone net profit for the quarter moved up by 70.7%.