Indigo Paints reports 58.26% growth in Q1 FY24

Indigo Paints has announced a substantial 58.26 per cent growth in its net consolidated profit for the quarter ending on June 30, 2023. The company's profit after tax for Q1 FY24 reached Rs 315.1 million, marking a significant increase compared to the Rs 199.1 million recorded in the corresponding quarter of the previous fiscal year. These details were disclosed by the company in a filing with the Bombay Stock Exchange (BSE).During Q1 FY24, Indigo Paints achieved a net consolidated total income of Rs 2.92 billion, reflecting an impressive growth of 30.19 per cent from the Rs 2.24 billion reported in the equivalent quarter of the previous year.In April 2023, the company executed a share purchase agreement to secure a 51 per cent stake in Apple Chemie India (ACIPL) for Rs 293.3 million. Additionally, Indigo Paints has committed to a future acquisition strategy involving the remaining 49 per cent shares. This entails utilising call options within 38 months and a corresponding obligation to exercise a put option within 62 months. The monetary obligation associated with this acquisition as of the acquisition date is recorded as Rs 290.4 million.