Asian Paints Q4 Results Highlights: Net profit rises 1.3% to ₹1,275 crore, dividend announced

• Net Sales increased by 2.6% to ₹30,727.7 crore from ₹29,953.1 crore.
• Improvement in gross margins by about 520 basis points in FY24 as compared to FY23.
• PBDIT for the period increased by 20.8% to ₹7,030.4 crores from ₹5,820.5 crore.
• PBDIT Margin as % to Sales improved to 22.9% from 19.4% in the previous year.
• Profit before tax increased by 27.6% to ₹7,005.0 crore from ₹5,489.6 crore.
• Net Profit increased by 29.8% to ₹5,321.6 crore from ₹4,100.2 crore.

• Net Sales decreased by 1.9% to ₹7,443.9 crore from ₹7,589.2 crore.
• Improvement in gross margins by about 140 basis points in Q4 FY24 as compared to Q4 FY23.
• Profit before depreciation, interest and tax (PBDIT) for the quarter decreased by 11.4% to ₹1,548.8 crore from ₹ 1,747.6 crore.
• PBDIT Margin as % to Sales at 20.8% from 23.0% in the corresponding period of the previous year.
• Profit before tax decreased by 8.0% to ₹1,522.1 crore from ₹ 1,654.0 crore.
• Net Profit decreased by 2.0% to ₹1,209.4 crore from ₹ 1,233.7 crore.

International business

Sales increased by 2.3% in Q4 FY24 to ₹812.3 crore from ₹794.4 crore. In constant currency terms, sales increased by 4.7% in Q4 FY24 PBT before exceptional items was ₹44.2 crore in Q4 FY24 as against ₹39.4 crore in the corresponding period of previous year.

Sales decreased by 0.7% in FY24 to ₹3,061.5 crore from ₹3,084.4 crore on the back of economic uncertainty, forex crisis and liquidity issues in key markets of Asia and Africa. The business had 3.9% growth in constant currency terms. PBT before exceptional items was ₹169.5 crore in FY24 as against ₹ 157.7 crores in the previous year.

Home Decor business

• Bath Fittings business: Sales decreased by 8.0% in Q4 FY24 to ₹88.7 crore from ₹ 96.4 crore in the last year due to subdued retail demand. PBDIT loss was ₹10.0 crore in Q4 FY24 as against profit of ₹1.1 crores in the corresponding period of the previous year.

Sales decreased by 16.2% in FY24 to ₹ 340.1 crores from ₹406.0 crores in the last year. PBDIT loss was ₹18.4 crore as against profit of ₹6.6 crore for the previous year.

• Kitchen business: Sales increased by 2.8% in Q4 FY24 to ₹100.7 crores from ₹97.9 crores. PBDIT was ₹2.7 crores in Q4 FY24 as against a loss of ₹7.4 crore in the corresponding period of previous year.

Sales decreased by 7.5% in FY24 to ₹393.5 crore from ₹425.5 crore in the last year. PBDIT was ₹8.5 crore in FY24 as against loss of ₹15.6 crore in the previous year.

• White Teak and Weatherseal: Sales at White Teak in Q4 FY24 increased by 33.3% to ₹47.7 crore. Sales at Weatherseal in Q4 FY24 increased by 63.4% to ₹ 15.6 crore.

Sales at White Teak increased by 23% in FY24 to ₹133.4 crore. Sales at Weatherseal more than doubled in FY24 to ₹51.7 crore. Both are gaining from synergies with the Asian Paints network.

Amit Syngle, Managing Director and CEO of Asian Paints, said, "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."

He added, "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."

Furthermore, he said, "Looking ahead, we remain confident about a pick-up in demand conditions with a favorable 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".

The total dividend for the financial year ended March 31, 2024, aggregates to ₹33.30 per equity share of the face value of ₹1 each, including the interim dividend of ₹5.15 per equity share as approved by the Board of Directors at their meeting held on 26th October 2023, which was paid thereafter.

Asian Paints group has a presence in 15 countries worldwide, spanning across four regions: Asia, the Middle East, South Pacific, and Africa.

The group operates through eight corporate brands, namely Asian Paints, Asian Paints Berger, SCIB Paints, Apco Coatings, Taubmans, Asian Paints Causeway, and Kadisco Asian Paints.

• Asian Paints in India, Bangladesh, Nepal and Indonesia (Asia)
• Asian Paints Causeway in Sri Lanka (Asia)
• SCIB Paints in Egypt (Africa)
• Asian Paints Berger in UAE, Bahrain , Oman and Qatar (Middle East); 
• Apco Coatings in Fiji,  Solomon Islands and Vanuatu (South Pacific)
• Kadisco Asian Paints in Ethiopia (Africa)
• Taubmans in Fiji and Samoa (South Pacific)

• Share price: 2,819 (-0.8%)
• Open: ₹2,828
• High: ₹2,853
• Low: ₹2,812
• Previous close: ₹2,843
• Total Market Cap: ₹2,70,508.16 crore
• Free Float Market Cap: ₹1,27,156.87 crore

• Painting
• Interior design
• Waterproofing
• Wood solutions
• Modular kitchen
• Bathroom designing and execution

• R Seshasayee- Non-Executive Chairman/Independent
• Manish Choksi- Non-Executive Vice Chairman
• Amit Syngle- Managing Director and CEO
• Malav Dani- Non-Executive Director
• Amrita Vakil- Non-Executive Director
• Jigish Choksi- Non–Executive Director
• Nehal Vakil- Non-Executive Director
• Milind Sarwate- Independent Director
• Ireena Vittal- Independent Director
• Soumitra Bhattacharya- Independent Director
• Gopichand Katragadda- Independent Director

• Share price: 2,836 (-0.2%)
• Open: ₹2,828
• High: ₹2,853
• Low: ₹2,823
• Previous close: ₹2,843
• Total Market Cap: ₹2,72,028.49 crore
• Free Float Market Cap: ₹1,27,943.56 crore

Asian Paints is one of India and Asia's largest and leading paint companies, known for its wide range of decorative and industrial coatings. The company, which was established in 1942, has grown to become a household name, offering products like paints, varnishes, building materials and allied products.