Asian Paint net profit jumps 45% in fourth quarter

Asian Paints on Thursday posted a jump of 45.11 per cent in its net profit to Rs 1,268.41 crore for the quarter ended March 31, 2023, against Rs 874.05 crore in the year-ago period.

Revenue from sales went up 10.91 per cent to Rs 8,750.85 crore, against Rs 7,889.94 crore in the year-ago period. Revenue from operations rose 11.33 to Rs 8,787.34 crore, against Rs 7,892.67 crore during the corresponding period in the previous year.

Total expenses of the firm rose marginally 7.55 per cent to Rs 7,181.66 crore in the quarter under review, against Rs 6,677.11 crore.

The company said the economic crisis in Sri Lanka had led to currency devaluation resulting in the recognition of an expense of Rs 24.21 crore towards exchange loss arising on foreign currency obligations of Causeway Paints Lanka for the quarter ended June 30, 2022. The above expense is disclosed as anexceptional item in the consolidated financial results for the year ended March 31, 2023.

The company said it forayed into new Home Decor products and services propelling its transition from 'share of surface' to 'share of space'.

It said Home Decor business has strong synergy with the Group's core business and hence is an essential part of the Group's strategy. "Considering the interlinked nature of products and services offered and the type of customers served, the resources are allocated across the Group interchangeably andbusiness performance is reviewed as one segment," the company said in a statement shared with exchanges.

SEE ALSO: JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public
Income Tax department raids freshly listed Mankind Pharma’s premises over alleged tax evasion