Consolidated sales increase 55% to Rs 8,578.88 crore in Q1 FY23 from Rs 5,534.87 crore posted in Q1 FY22. Profit before exceptional items and tax soared 83.8% to Rs 1,430.83 crore in Q1 FY23 as against Rs 778.58 crore recorded in corresponding quarter previous year. Profit before depreciation, interest, tax and other income (PBDIT) for the group (before share in profit of associates) jumped 70.3% to Rs 1,555.95 crore in the quarter ended 30 June 2022 as against Rs 913.56 crores in Q1 FY22. Sales for Bath Fittings business grew 120.1% to Rs 117.99 crore in Q1 FY23 from Rs 53.61 crore recorded in the corresponding period of previous year. PBDIT for Bath Fittings business increases to Rs 4.21 crore as against a loss of Rs 1.04 crores reported in the last year.

Sales for Kitchens business surged 68.3% to Rs 109.04 crore as against Rs 64.79 crore in the corresponding period of previous year. PBDIT loss for Kitchen business reduced to Rs 4 crore as against a loss of Rs 5.38 crore posted in the last year.

The economic crisis in Sri Lanka led to currency devaluation. This has resulted in recognition of an exceptional item of Rs 24.21 crores towards exchange loss arising on foreign currency obligations of Causeway Paints Lanka (Causeway Paints) for the quarter ended 30 June, 2022, the company stated.

Amit Syngle, managing director & CEO of Asian Paints, said, “The domestic decorative business experienced good consumer demand and recorded stellar revenue growth for the quarter. The volume growth registered in the quarter is one of the highest in the last six quarters. The business also registered robust 4-year compounded growth in volume and value terms. The Auto OE and the General Industrial Coatings business delivered a sturdy growth trajectory. We continued to make further inroads in our Home Décor business, proliferating its product & service offerings. The International business also delivered a good double digit revenue growth for the quarter despite multiple headwinds across key geographies. While the persistent inflationary environment continued to impact the gross margins, we delivered healthy operating margins with strong push on the premium & luxury offerings and driving further operational efficiencies across businesses.”

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 décor, bath fittings and providing related services.

Shares of Asian Paints were down 0.15% to Rs 3,101.10 on the BSE.