Asian Paints on Thursday posted a jump of 45.11 per cent in its net profit to Rs 1,268.41 crore for the quarter ended 31 March 2023, against Rs 874.05 crore in the year-ago period.
Revenue from sales went up by 10.91 per cent to Rs 8,750.85 crore, against Rs 7,889.94 crore in the year-ago period. Revenue from operations rose 11.33 per cent to Rs 8,787.34 crore, against Rs 7,892.67 crore during the corresponding period in the previous year. Total expenses of the firm rose marginally 7.55 per cent to Rs 7,181.66 crore in the quarter under review, against Rs 6,677.11 crore.
The company said the economic crisis in Sri Lanka had led to currency devaluation resulting in the recognition of an expense of Rs 24.21 crore towards exchange loss arising on foreign currency obligations of Causeway Paints Lanka for the quarter that ended 30 June 2022. The above expense is disclosed as an exceptional item in the consolidated financial results for the year ended 31 March 2023.
The company stated it forayed into new home decor products and services line, propelling its transition from ‘share of surface’ to ‘share of space’. It said the home decor business has strong synergy with the Group’s core business and hence is an essential part of the Group’s strategy.
“Considering the interlinked nature of products and services offered and the type of customers served, the resources are allocated across the Group interchangeably and business performance is reviewed as one segment,” the company said in a statement shared with exchanges.