Asian Paints release Q3 results for FY’24

Asian Paints has released its financial results for the quarter ended December 31, 2023. 

Amit Syngle, Managing Director & CEO of Asian Paints Limited (pictured), said:“The quarter delivered a Decorative & Industrial coatings combined value growth of 6.1% with a strong double-digit Industrial coatings value growth.

“The Decorative Business grew well in Luxury and Economy segments, to register a robust 12% volume growth and a value growth of 5.5%. Growth was supported by the extended festive season, though we saw some moderation in demand in the latter part of the quarter.

“Both our Auto OE and General Industrial coating businesses achieved sturdy revenue growths and good profit margins.

“Our International Business saw growth in the Middle East and Africa and registered increased profitability overall. It, however, continued to remain constrained by macroeconomic headwinds, inflationary pressures in key geographies of South Asia and Egypt.

“We saw a better quarter in the Home Décor space, with new categories making headway, as we made good progress on integrating our offerings within our Beautiful Homes stores and network.

“Our margins gained significantly from growth in luxury products and softening raw material prices coupled with operational, formulation and sourcing efficiencies in Q3.

“Moving forward, we will maintain focus on driving strong sales growth and continue to invest in multiple initiatives and solutions for our customers, building on our leadership position.”

 Q3 FY’24 Highlights