Asian Paints on Tuesday reported consolidated net profit at ₹1,036 crore, up over 80% as compared to ₹574 crore in the same quarter last year. Its revenue surged more than 54% to ₹8,607 crore as against ₹5,585 crore year-on-year (YoY). The company said that its volume growth registered during the quarter is one of the highest in the last six quarters.
Sales for Bath Fittings business grew by 120% to ₹118 crore from ₹53.6 crore in the corresponding period of previous year. Whereas, sales for Kitchens business increases by 68.3% to ₹109 crore from ₹64.79 crores in the year-ago quarter.
Further, the paints company informed that economic crisis in Sri Lanka led to currency devaluation resulting in recognition of an exceptional item of ₹24.2 crore towards exchange loss arising on foreign currency obligations of Causeway Paints Lanka (Pvt.) Limited (Causeway Paints) for the quarter ended 30th June, 2022.
“The International business also delivered a good double digit revenue growth for the quarter despite multiple headwinds across key geographies. While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses,” added Syngle.