Asian Paints Q4FY23 PAT up 45.1% at Rs1,234 crore on 390 bps expansion in gross margins

Asian paints reported 11.3% growth in total revenues for the March 2023 quarter on consolidated basis at Rs8,787cr. On a sequential basis, the revenues were up 1.74%. Higher revenues and better cost management resulted in a 390 bps expansion in the gross margins, which triggered the sharp growth in net profits. EBITDA for the quarter was up 29.2% at Rs1,865 crore. EBITDA margins improved by 300 bps to 21.3%.

Sales in the international division fell by 2.7% due to demand constraints globally in Q4FY23. Even the home décor business came under pressure in the quarter. While sales of the baths and fittings business was down 9.7%, the kitchen business saw sales lower by 21.1%. However, these were redeemed by sharp sales growth of 17.2% in industrial paints on the back of robust industrial demand.

Financial highlights for Mar-23 compared yoy and sequentially

 Asian Paints    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 8,787

₹ 7,893

11.34%

₹ 8,637

1.74%

Operating Profit (Rs cr)

₹ 1,644

₹ 1,238

32.74%

₹ 1,397

17.62%

Net Profit (Rs cr)

₹ 1,234

₹ 850

45.12%

₹ 1,073

15.05%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 12.87

₹ 8.87

 

₹ 11.19

 

OPM

18.70%

15.69%

 

16.18%

 

Net Margins

14.04%

10.77%

 

12.42%

 

 

The company declared a final dividend of Rs21.25 per share taking the total dividend for the year to Rs24.65 per share. The company has made an impairment provision of Rs25 crore for its Sri Lankan business. The non-auto industrial business sales crossed Rs1,000 crore for the first time in FY23.

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