Asian Paints on Tuesday reported a marginal increase in consolidated net profit at Rs 874.05 crore for the fourth quarter ended March 31, 2022. The company had logged a net profit of Rs 869.89 crore in the year-ago period, Asian Paints said in a regulatory filing.
Revenue from operations was up 20.60 per cent to Rs 7,889.94 crore during the quarter under review as against Rs 6,541.94 crore in the corresponding period of previous fiscal year.
Total expenses were at Rs 6,677.11 crore as against Rs 5,576.38 crore.
Revenue from the paints segment was higher at Rs 7,663.74 crore as against Rs 6,467.20 crore while revenue from ‘Home Improvement’ was Rs 232.36 crore as compared to Rs 185.88 crore.
“It was yet another quarter of solid and strong double-digit value growth across all businesses, despite the prevailing uncertainty around Covid, macro-economic challenges and heightened geopolitical tensions,” Asian Paints Managing Director & CEO Amit Syngle said.
The domestic decorative business grew strongly, registering 8 per cent volume growth and 20 per cent revenue growth on a high base, while international business managed to deliver double-digit revenue growth for the quarter despite severe challenges in key markets, he added.
“The Industrial Coatings business closed the quarter with another round of robust double-digit revenue growth with continued momentum in the Protective Coatings segment. The scale-up in the Home Decor business continued unhindered, making further inroads through network expansion and introduction of unique value propositions for its customers,” Syngle said.
In the fiscal year ended March 2022, Asian Paints’ consolidated net profit was down 3.80 per cent to Rs 3,084.81 crore from Rs 3,206.75 crore in 2020-21.
Revenue from operation was higher at Rs 28,923.48 crore in 2021-22 as compared to Rs 21,485.20 crore in the previous year.
Meanwhile, in a separate filing, Asian Paints said its board in a meeting held on Tuesday recommended payment of a final dividend of Rs 15.50 per equity share of face value of Re 1 each for FY22.
“The total dividend for financial year ended March 31, 2022, aggregates to Rs 19.15 per equity share of the face value of Re 1 each, including the interim dividend of Rs 3.65 per equity share as approved by the board on October 21, 2021,” it said.
Shares of Asian Paints settled at Rs 3,083.70 apiece, up 2.46 per cent from the previous close, on BSE.