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Consolidated net sales were down by 5.3% to $1.128 billion, as revenue was affected by price cuts taken last year, shift in mix and increased rebates.
November 11, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
Asian Paints announced its financial results for the quarter ended Sept. 30, 2024. “‘The paint industry faced a subdued demand environment during the quarter,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “Domestic decorative coatings segment volumes declined marginally while overall domestic coatings revenue declined by 5.5% for the quarter, impacted by muted consumer sentiments and extended rains and floods in some parts of the country. “Operating margins were impacted by the price reductions taken last year, higher material prices and increased sales expenses,” Syngle added. “While we took price increases during the quarter, full impact of the same should flow through only in the second half of the year. “The Industrial business did relatively better with single-digit value growth supported by growth in the General Industrial, Protective Coatings and Refinish segments,” he added. “We continued to register growth in our Home Décor categories across our Beautiful Homes Stores network, introducing new collections & product solutions. International Business portfolio registered a marginal decline in revenues for the quarter (8.7% growth in constant currency terms) despite unfavorable market conditions in certain key markets like Ethiopia and Bangladesh. “On the margin front, soft demand conditions, product mix and material price inflation affected margins in Q2. We expect margins to recover in the coming quarters on the back of anticipated softening in material prices coupled with price increases implemented in the last few months. While demand conditions remain challenging, we continue to direct our efforts towards leveraging our brand strength, robust supply chain and distribution network to pursue growth,” Syngle concluded. For 2Q FY’2025, Asian Paints’ consolidated net sales were down by 5.3% at ₹8,003 crores ($948 million) from ₹8,452 crores in 2Q 2024. PBDIT (profit before depreciation, interest, tax, other income, and exceptional items) declined 27.8% to ₹1,239.5 crores ($147b million) from ₹ 1,716.2 crores. As for Asian Paints’ standalone results for Q1 FY’24, net sales decreased by 6.5% to ₹ 6,840.6 ($810 million) from ₹7,316 crores.
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