Asian Paints Q2 net profit rises 31%, to pay interim dividend

The company said that the domestic Decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon.

Sales for Bath Fittings business grew by 11% to ₹101118 crore from ₹92 crore in the corresponding period of previous year. Whereas, sales for Kitchens business increases by 14% to ₹117.8 crore from ₹103 crore YoY.

The board of the company has further approved the payment of interim dividend of ₹4.40 per equity share of the face value of Re 1 each for the financial year ending 31st March, 2023. Record date for the purpose of determining the entitlement of the shareholders for interim dividend has been fixed as Tuesday, 1st November, 2022, and dividend will be paid to the shareholders on or after Thursday, 10th November, 2022. 

In a standalone basis, Asian Paints sales for the second quarter increased by 20% whereas standalone net profit for the quarter under review increased by 23.4%.

“The business focus on top line is evident from the double-digit compounded growth rates in volume and value sales for a sixth quarter in a row. The Home Décor business continued to gain traction. The Auto OE business delivered robust growth, while the Industrial coatings business continued with its high growth trajectory led by Protective & Powder Coatings. The International business also registered a good double digit revenue growth despite multiple headwinds across key markets. We took a series of calibrated price increases to offset the impact of increased inflation on margins,” said said Amit Syngle, Managing Director & CEO of Asian Paints Limited.

Shares of Asian Paints were trading about 2% lower at ₹3,152 apiece on the BSE in afternoon deals. Asian Paints is India’s leading paint and decor company. The stock is down about 8% in 2022 (YTD) so far.