Asian Paints’ fiscal fourth quarter profit jumped 44 per cent at Rs 1,258.41 crore, as against Rs 874.05 crore in the fourth quarter of FY22, surpassing estimates. According to a CMBC TV18 poll, Asian Paints was expected to clock Q4FY23 profit at Rs 1,123 crore and revenue at Rs 8,800 crore. It posted revenue from operations at Rs 8,787.34 crore, up 11.3 per cent from Rs 7,892 .67 crore in the same quarter last year. Asian Paints’ net sales for Q4FY23 was up 10.9 per cent at Rs 8,750.8 crore.
The Board also recommended a final dividend of Rs 21.25 per equity share of the face value of Re 1 each for the financial year ended 31st March, 2023. “The total dividend for the financial year ended 31st March, 2023, aggregates to Rs 25.65 per equity share of the face value of Re 1 each, including the interim dividend of Rs 4.40 per equity share as approved by the Board of Directors at their meeting held on 20th October, 2022, which was paid thereafter,” the company said in a regulatory filing.
Asian Paints’ segment wise performance
Asian Paints’ international business sales decreased by 2.7 per cent in Q4FY23 to Rs 794.4 crore from Rs 816 crore on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa. “The Global business was good in the Middle East and Africa though but slower in Asia, however overall, delivered good bottom line numbers,” said Amit Syngle, Managing Director & CEO, Asian Paints Limited.
In terms of India business, Asian Paints clocked double-digit volume and value growth in Decorative Business (India) in Q4. “Our growths in both the Industrial coatings have been stellar, growing double digits in volume and value, delivering one of the highest profits in the last two decades. Overall, at a consolidated level we crossed Rs. 34,000 crores revenue and along with our décor and services diversification,” said Amit Syngle. In Home décor, the firm’s new categories of fabrics, decorative lighting, UPVC doors and windows did well, while kitchen and bath were sluggish, it said. In terms of bath fittings business, Asian Paints witnessed 9.7 per cent fall in sales in Q4FY23 to Rs 96.4 crore due to subdued retail demand. In kitchen business, sales decreased by 21.1 per cent in the fourth quarter to Rs 97.9 crore. In terms of Industrial business, sales increased by 17.2 per cent on-year in Q4 FY23 to Rs 289.6 crore
Going forward, Amit Syngle said, “We will continue to aggressively pursue growth. Our performance will be driven by our consistent focus on customer centricity, innovation, sustained investment in B2B business coupled with our powerhouse brand, robust supply chain and distribution network.”