Asian Paints Q3 PAT drops 18% to Rs 1,031 cr

Asian Paints’ consolidated net profit fell by 18.49% to Rs 1,031.29 crore on a 25.61% increase in operating income to Rs 8,527.24 crore in Q3 FY22 compared to Q3 FY21 .

On a consolidated basis, the group’s earnings before depreciation, interest, taxes and other income (PBDIT) (before share in profit of associates) decreased by 13.7% to Rs 1,542.31 crore in Q3 FY22 vs. Rs 1,787.89 crore in Q3 FY21. Profit before tax (PBT) decreased by 17.9% to Rs 1,393.72 crore in Q3 December 2021 from Rs 1,696.76 crore in Q3 December 2020.

On a segmental basis, paints segment revenue increased by 25.38% to Rs 8,319.42 crore in Q3 FY22 from Rs 6,635.08 crore in Q3 FY21. Home improvement revenue climbed 36.42% to Rs 209.26 crore in the third quarter of FY22 from Rs 153.39 crore in the third quarter of FY21.

Amit Syngle, Managing Director (MD) and President and Chief Executive Officer (CEO) of Asian Paints, said: of 18%, a solid base compared to the previous year. The industrial coatings business also recorded solid double-digit revenue growth, particularly in the protective coatings segment. However, the automotive coatings business was impacted by the challenges facing the automotive sector. The renovation business continued its healthy growth streak and delivered another strong performance, with a steady expansion trajectory across the country.”

“The international business grew by 9% in value and was affected by sluggish market conditions in most units in the Middle East and specific challenges such as the civil unrest in Ethiopia and the foreign exchange crisis in Sri Lanka.The steep and unprecedented inflationary trend in commodity prices continued to impact gross margins for all businesses this quarter.Substantial price increases were taken in November and December to mitigate this impact inflation, improving margins on a sequential basis.We continue to work hard to improve the value proposition for our customers across all business segments and thereby drive sustainable value creation for all our stakeholders “, he added.

Shares of Asian Paints were trading up 1.21% at Rs 3,320.90 on BSE. Asian Paints is a leading paint company in India. The company and its subsidiaries are present in 15 countries around the world with 26 paint manufacturing plants, serving consumers in more than 60 countries.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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