Asian Paints Q1 net jumps 80% to Rs 10.36 bn; revenue up 55%

28 Jul 2022 CW Team

Asian Paints Ltd has reported an 80.39% increase in its consolidated net profit to Rs 10.36 billion crore for the first quarter ended on June 30, 2022, as the business grew both in volume and value.

The company had posted a net profit of Rs 5.74 billion during the April-June quarter of the previous fiscal, Asian Paints said in a regulatory filing.

Its revenue from operations was up 55 per cent to Rs 85.79 billion during the quarter against Rs 55.35 billion in the corresponding period of the previous fiscal.

Total expenses were at Rs 72.88 billion, up 48.91% in Q1/FY 2022-23 against Rs 48.94 billion in the corresponding period last year.

Commenting on the results, Asian Paints managing director and chief executive Amit Syngle said the domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter.

"The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust four-year compounded growth in volume and value terms," he said.

Asian Paints' international business also delivered double-digit revenue growth for the quarter.

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