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27 Years
4.4 Star
1 Crore +
Asian Paints announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
Consolidated:
- Consolidated Net Sales decreased by 0.6% to Rs 8,701.5 crore from Rs 8,750.8 crore.
- Improvement in gross margins by about 120 basis points in Q4FY24 as compared to Q4 FY23.
- PBDIT [Profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) decreased by 9.3% to Rs 1,691.4 crore from Rs 1,864.8 crore.
- PBDIT Margin as % to Sales at 19.4% as compared to 21.3% in the corresponding period of the previous year.
- Profit before exceptional items and tax decreased by 6.4% to Rs 1,624.1 crore from Rs 1,734.5 crore.
- Net Profit after minority interest increased by 1.8% to Rs 1,256.7 crore from Rs 1,234.1 crore.
Standalone:
- Net Sales decreased by 1.9% to Rs 7,443.9 crore from Rs 7,589.2 crore.
- Improvement in gross margins by about 140 basis points in Q4FY24 as compared to Q4 FY23.
- PBDIT for the quarter decreased by 11.4% to Rs 1,548.8 crore from Rs 1,747.6 crore.
- PBDIT Margin as % to Sales at 20.8% from 23.0% in the corresponding period of the previous year.
- Profit before tax decreased by 8.0% to Rs 1,522.1 crore from Rs 1,654.0 crore.
- Net Profit decreased by 2.0% to Rs 1,209.4 crore from Rs 1,233.7 crore.
FY24 Financial Highlights:
Consolidated:
- Consolidated Net Sales increased by 3.0% to Rs 35,382.1 crore from Rs 34,367.8 crore.
- Improvement in gross margins by about 480 basis points in FY24 as compared to FY23.
- PBDIT (before share in profit of associates) increased by 21.2% to Rs 7,585.0 crore from Rs 6,259.8 crore.
- PBDIT Margin as % to Sales improved to 21.4% from 18.2% in the previous year.
- Profit before exceptional items and tax increased by 28.1% to Rs 7,347.8 crore from Rs 5,737.7 crore.
- Net Profit after minority interest increased by 33.0% to Rs 5,460.2 crore from Rs 4,106.5 crore.
Standalone:
- Net Sales increased by 2.6% to Rs 30,727.7 crore from Rs 29,953.1 crore.
- Improvement in gross margins by about 520 basis points in FY24 as compared to FY23.
- PBDIT for the period increased by 20.8% to Rs 7,030.4 crore from Rs 5,820.5 crore.
- PBDIT Margin as % to Sales improved to 22.9% from 19.4% in the previous year.
- Profit before tax increased by 27.6% to Rs 7,005.0 crore from Rs 5,489.6 crore.
- Net Profit increased by 29.8% to Rs 5,321.6 crore from Rs 4,100.2 crore
Amit Syngle, Managing Director & CEO of Asian Paints, said “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. We are the largest integrated Home Décor player. And during the year, we made good progress on launching new collections and expanding our store footprint as well as integrating our Home Décor offerings within our Beautiful Homes network. Profits for the year have grown in strong double digits supported by subdued material prices coupled with sourcing and formulation efficiencies.
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. The Economy and Luxury range though, grew well. Price cuts implemented in the last few months also affected the fourth quarter value. Overall, the coatings revenue including Industrial, was almost flat for the quarter. Our International Business has seen steady growth in the Middle Eastern and African markets but remains constrained by macro-economic headwinds in South Asia and Egypt. Despite these challenges, profit delivery in the Global business has been strong all through the year.
Looking ahead, we remain confident about a pick-up in demand conditions with a favorable monsoon forecast. We will continue to innovate with speed and invest in our brand, focusing on our consumers and keeping their interests at the forefront.”
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