Categories AlphaGraphs, Consumer, Industrials

Asian Paints reported its Q2FY23 results: Revenue soars by 19%

On Thursday, Asian Paints reported a consolidated net profit after minority interest of ₹782 crore, lower-than-expected during the second quarter of the current fiscal, up about 31% as compared to ₹596 crore in the year ago quarter. Meanwhile, its revenue from operations rose over 19% to ₹8,458 crore from ₹7,096 crore year-on-year (YoY).

The company reported that the domestic Decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon.

The board of the company has further approved the payment of interim dividend of ₹4.40 per equity share of the face value of Re 1 each for the financial year ending 31st March, 2023. Record date for the purpose of determining the entitlement of the shareholders for interim dividend has been fixed as Tuesday, 1st November, 2022, and dividend will be paid to the shareholders on or after Thursday, 10th November, 2022.

Shares of Asian Paints were trading about 2% lower at ₹3,152 apiece on the BSE in afternoon deals. Asian Paints is India’s leading paint and decor company. The stock is down about 8% in 2022 (YTD) so far.

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