Asian Paints releases financial results

Asian Paints has released its financial results for the quarter and year ended March 31, 2024.

Amit Syngle, Managing Director & CEO of Asian Paints Limited, commented: “We crossed the ₹ 35,000 crores consolidated revenue milestone in FY2024.

“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. 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.

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“Decorative Business volume grew at a healthy clip of 10% in the fourth quarter. 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 favourable monsoon forecast. We will continue to innovate with speed and invest in our brand, focusing on our consumers and keeping their interests at the forefront.”