Asian Paints has reported a growth of 1.34 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 1,275.30 crore in Q4 FY24 as against Rs 1,258.41 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 8,917.87 crore in Q4 FY24, a minor growth of 0.28 per cent from Rs 8,892.82 crore it registered in the similar quarter last year.”We crossed the Rs 35,000 crore consolidated revenue milestone in FY2024. Our decorative & industrial coatings combined, delivered a volume growth of 10% and value growth of 3.9% for the year with our industrial segment registering double-digit value growth,” said Amit Syngle, managing director & CEO of the company.
The board of directors have recommended payment of final dividend of Rs. 28.15 per equity share of the face value of Re. 1 each for the financial year ended March 31, 2024. The company had declared interim dividend of Rs 5.15 per equity share (515%) in October 2023 for FY24. Total dividend for FY24 was at Rs 33.30 per equity share (3330%) with dividend payout ratio of 60%.
Its consolidated net sales were up 3% and stood at Rs 35,382 crore in FY24.
Decorative business (India) registered volume growth of 10% with revenue decline of 1.8% in Q4 FY24. “Decorative Business volume grew at a healthy clip of 10% in the fourth quarter. However, revenues were 1.8% lower than last year impacted by the weak demand environment and downtrading, particularly in the Premium segment. Price cuts implemented in the last few months also affected the fourth quarter value,” said Syngle.
Sales in its bath fittings business decreased by 8% in Q4 FY24 to Rs 88.7 crore from Rs 96.4 crore in the last year due to subdued retail demand. Sales decreased by 16.2% in FY24 to Rs 340.1 crore from Rs 406 crore in the last year.
Sales in its kitchen business increased by 2.8% in Q4 FY24 to Rs 100.7 crore from Rs 97.9 crore. Sales decreased by 7.5% in FY24 to Rs 393.5 crore from Rs 425.5 crore in the last year.