Asian Paints reported decorative business volume growth of 9% during the quarter, which was the mid-point of the CNBC-TV18 poll projection of 8% to 10%.
Revenue for the quarter stood at ₹10,542 crore, which is a growth of 18%, when compared to last year’s figure of ₹8,938.6 crore. A CNBC-TV18 poll had pegged the figure at ₹10,200 crore.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹2,169 crore, a 33.5% growth compared to last year’s figure of ₹1,625 crore. The figure was also higher than the CNBC-TV18 poll expectation of ₹1,870 crore.
EBITDA margin for the quarter stood at 20.6%, a 240 basis points expansion compared to last year’s 18.2% figure. A CNBC-TV18 poll had pegged the figure to be 18.3%.
For the decorative business, value growth during the June quarter stood at 16.6% year-on-year.
The Industrial Coatings business sustained its mid-teen growth momentum, complementing the performance of the decorative segment and driving broad-based growth across its coatings portfolio.
Sales for the international business grew by 27.2% from last year in rupee terms, and 20.3% in constant currency.”Amidst an environment that remained uncertain, the performance reflects our innovation-led strategy, deeper consumer connect and continued strengthening of our service propositions in the market,” Amit Syngle, MD & CEO of Asian Paints was quoted as saying.
Syngle went on to add that the West Asia business did well despite market challenges due to the ongoing conflict. Home decor business also continued to make steady progress through the Beautiful Homes network.
Shares of Asian Paints made an intraday high of ₹2,864 after the results announcement. The stock is now trading 3.4% higher at ₹2,830. The stock has also turned positive on a year-to-date basis after today’s surge.
