However, the company?s revenue from operations declined marginally to Rs 8,701.46 crore in the quarter ended 31 March 2024. PBDIT [profit before depreciation, interest, tax, other income, and exceptional items] (before share in profit of associates) decreased by 9.3% year on year to Rs 1,691.4 crore in Q4 FY24. PBDIT margin as % to sales slipped to 19.4% in the March quarter as compared to 21.3% registered in the corresponding period of the previous year. Profit before tax stood at Rs 1,624.09 crore during the quarter, down 5.02% YoY from Rs 1,709.85 posted in Q4 FY23. International business sales rose by 2.3% to Rs 812.3 crore in Q4 FY24 from Rs 794.4 crore registered in Q4 FY23. In constant currency terms, sales increased by 4.7% in Q4 FY24. PBT before exceptional items was at Rs 44.2 crore in Q4 FY24, up 12.18%YoY. Bath Fittings business sales declined 8% YoY to Rs 88.7 crore in Q4 FY24, due to subdued retail demand. PBDIT loss was at Rs 10 crore in Q4 FY24 as against a profit of Rs 1.1 crore in the corresponding period of the previous year. Kitchen business sales grew by 2.8% to Rs 100.7 crore in Q4 FY24 from Rs 97.9 crore in Q4 FY23. PBDIT stood at Rs 2.7 crore in Q4 FY24 as against a loss of Rs 7.4 crore in Q4 FY23. During the quarter, sales at White Teak jumped 33.3% to Rs 47.7 crore while sales at Weatherseal climbed 63.4% to Rs 15.6 crore. Industrial business (Asian Paints PPG) sales in Q4 FY24 rose 8.1% YoY to Rs 313.2 crore. PBT stood at Rs 33.5 crore in Q4 FY24, up by 2% as against Rs 32.9 crore posted in Q4 FY23. On full year basis, the company reported 32.97% jump in net profit to Rs 5,460.23 crore on 2.95% rise in revenue to Rs 35,382.12 crore in FY24 over FY23. Meanwhile, the company?s board has recommended a final dividend of Rs 28.15 per equity share for FY24, subject to the approval of the shareholders. The record date of the dividend is set on Tuesday, 11 June 2024 and it will be paid on or after 27 June 2024. Amit Syngle, managing director & CEO of Asian Paints, said, ?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 D?cor player. And during the year, we made good progress on launching new collections and expanding our store footprint as well as integrating our Home D?cor 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. 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. We will continue to innovate with speed and invest in our brand, focusing on our consumers and keeping their interests at the forefront.? Asian Paints is India's leading paint company and ranked among the top ten decorative coatings companies in the world. Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home d?cor, bath fittings and providing related services. Shares of Asian Paints dropped 4.67% to currently trade at Rs 2,711.55 on the BSE. Powered by Capital Market - Live News |