Asian Paints reports full fiscal year results of 2023

OnMay 11th, Asian Paints disclosed its business performance report for the fiscalyear 2023. The company achieved sales revenue of 34,367.8 crores (approximately 4.186billion US dollars) in the fiscal year 2023, an increase of 18.8% year-on-year;PBDIT was 6,259.8 crores, a year-on-year increase of30.3%. The PBDIT profit margin as a percentage of sales increased from 16.6% infiscal year 2022 to 18.2% in fiscal year 2023. The profit after deductingspecial items and taxes increased by 33.3% to 5,737.7 crores.

According to thefinancial report, Asian Paints' net sales increased by 10.9% in the fourthquarter of the 2023 fiscal year, reaching 8,750.8 crores; Compared to the third quarterof fiscal year 2023, the gross profit margin in the fourth quarter of fiscalyear 2023 increased by 390 basis points. PBDIT increased by 29.2% to 1,864.8 crores. The PBDIT profit margin as apercentage of sales increased from 18.3% in the fourth quarter of fiscal year22 to 21.3%. The profit after deducting special items and taxes increased by32.9% to 1,734.5 crores. The net profit afterdeducting minority equity increased by 45.1% to 1,234.1 crores.

Amit Syngle,Managing Director and CEO of Asian Paints stated that: “This year has beenan excellent year for us, with our independent business achieving 14% salesgrowth and 20% value growth, and a 31% increase in net profit. Our growth inthe industrial coatings industry has been outstanding, with double-digit salesand value growth, achieving one of the highest profits in the past 20 years.Overall, at a comprehensive level, our sales revenue exceeded 340 billionrupees, with the diversity of our decoration and services Hua, we are now thelargest comprehensive participant in the home decoration business.”

In this quarter,we have achieved the highest value ever, with double-digit growth inboth the number and value of decorative and non automotive industryenterprises. Through our continuous work in formula and procurement efficiency,as well as the alleviation of raw material price inflation, we have been ableto continuously improve our profit margins in this quarter and last year. Interms of home decoration, our new categories of fabrics, decorative lighting,and UPVC doors and windows performed well, while the kitchen and bathroomperformed poorly. Global business has performed well in the Middle East andAfrica, but has performed slower in Asia, but overall, it has achieved goodbottom line data.

“As a marketleader, we will continue to actively pursue growth, "Amit Syngle concluded.