Asian Paints has reported a growth of 43.97 per cent in its net consolidated profit during the quarter March 31, 2023. Its profit after tax stood at Rs 1,258.41 crore in Q4 FY23 as against Rs 874.05 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 8,892.82 crore in Q4 FY23, a growth of 11.54 per cent from Rs 7,973.06 crore it recorded in the similar quarter last year.
“It has been an outstanding year for us with a 14% volume growth and 20% value growth in our standalone business and a net profit growth of 31%. We have been able to improve our margins in the quarter sequentially and over last year through our persistent work on formulation and sourcing efficiencies and also helped by the easing inflation in raw material prices. The global business was good in Middle East and Africa though but slower in Asia, however overall, delivered good bottom line numbers,” said Amit Syngle, managing director & CEO of the company.
The board of directors recommended payment of final dividend of Rs 21.25 per equity share of the face value of Re 1 each for the financial year ended March 31, 2023. The total dividend for the financial year ended March 31, 2023, aggregates to Rs 25.65 per equity share of the face value of Re 1 each (dividend payout ratio of 60%), including the interim dividend of Rs 4.40 per equity share as approved by the board of directors at their meeting held on October 20, 2022, which was paid thereafter.
On January 11, 2023, the company incorporated a wholly-owned subsidiary named ‘Asian Paints (Polymers)’ for manufacturing of Vinyl Acetate Monomer and Vinyl Acetate Ethylene Emulsion in India. During the quarter and year ended March 31, 2023, the company has invested about Rs 200 crore in equity share capital of Asian Paints (Polymers).
The company’s consolidated net sales touched Rs. 34,368 crore in FY23. In Q4 FY23, consolidated net sales increased by 10.9% to Rs 8,750.8 crore from Rs 7,889.9 crore. It is committed to Home Décor revenue growing to 8-10% of decorative business by FY26.