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FY23 consolidated sales increased to $4.23 billion, backed by strong volume growth.
May 9, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
Asian Paints announced its financial results for the quarter and year ended March 31, 2024. Consolidated sales for the full year 2024 were 35,382 crores ($4.23 billion), up 3%, and stand-alone sales reached 30,728 crores ($3.68 billion), up 2.6%. Full year sales increased by 18.8%, while Q4 sales increased by 10.9%. Asian Paints’ Decorative Business (India) registered volume growth of 10% with revenue decline of 1.8% in Q4 FY’24, with revenue impacted by weak demand conditions and downtrading. The Industrial Business delivered a strong quarter, and the Automotive Coatings Business crossed the ₹2,000 crores revenue mark in the year. Profit before depreciation, interest, tax and other income (before share in profit of associates) decreased by 9.3% to ₹ 1,691.4 crores from ₹ 1,864.8 crores. “We crossed the ₹35,000 crores consolidated revenue milestone in FY2024,” said Amit Syngle, managing director and CEO, Asian Paints Limited. “Our Decorative & Industrial coatings combined delivered a volume growth of 10% and value growth of 3.9% for the year, with our Industrial segment registering double-digit value growth. “We are the largest integrated Home Décor player,” Syngle added. “And during the year, we made good progress on launching new collections and expanding our store footprint as well as integrating our Home Décor offerings within our Beautiful Homes network. Profits for the year have grown in strong double digits supported by subdued material prices coupled with sourcing and formulation efficiencies. “Decorative Business volume grew at a healthy clip of 10% in the fourth quarter,” Syngle noted. “However, revenues were 1.8% lower than last year impacted by the weak demand environment and downtrading, particularly in the Premium segment. The Economy and Luxury range though, grew well. Price cuts implemented in the last few months also affected the fourth quarter value. Overall, the coatings revenue including Industrial, was almost flat for the quarter. Our International Business has seen steady growth in the Middle Eastern and African markets but remains constrained by macro-economic headwinds in South Asia and Egypt. Despite these challenges, profit delivery in the Global business has been strong all through the year. “Looking ahead, we remain confident about a pick-up in demand conditions with a favorable monsoon forecast,” concluded Syngle. “We will continue to innovate with speed and invest in our brand, focusing on our consumers and keeping their interests at the forefront.” For Q4 FY’24, Asian Paints’ consolidated sales decreased by 0.6% to ₹8,701.5 crores. decreased by 10.9% to ₹8,750.8 crores ($1.05 billion). Profit before depreciation, interest, tax and other income (PBDIT) for the Group (before share of profit in associates) decreased by 9.3% to ₹1,691.4 crores ($202 million).
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