Asian Paints reported an increased consolidated net profit by 6.4% to Rs 1,097.06 crore in the third quarter ended December 2022, according to a regulatory filing on Thursday.
According to the statement, the business made a consolidated net profit of Rs 1,031.29 crore in the same period previous year.
The company’s consolidated income from operations was Rs 8,636.74 crore, up from Rs 8,527.24 crore in the previous quarter.
Total costs in the third quarter were Rs 7,280.75 crore, up from Rs 7,220.29 crore in the same time last year, according to the business.
Amit Syngle, Managing Director & CEO of Asian Paints, stated that the company’s domestic decorative division delivered a stable volume and value sales performance for the quarter, despite a relatively large price rise from 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,” he added.
Syngle, on the other hand, stated that the industrial business performed well, owing to robust growth in the automotive original equipment and general industrial areas.
“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 and macro-economic conditions,” he said.
The home décor industry expanded more this quarter, although there was some slowing in the bath and kitchen business, according to Syngle.
