Mumbai, May 9 (IANS) Asian Paints on Thursday reported a consolidated net profit of Rs 1,275.3 crore for the Jan-March quarter of 2023-24, a marginal increase of 1.3 per cent compared to the corresponding figure of Rs 1258.41 crore for the same period last year.
The total revenue of the company declined by 0.64 per cent to Rs 8,730.76 crore during the quarter from Rs 8,787.34 crore last year, Asian Paints said in a regulatory filing.
Market analysts attribute the decline in revenue to increased competition which has intensified with Aditya Birla Group company Grasim also making a major foray into the paints industry. The decorative business of Asian Paints registered a volume growth of 10 per cent, however, revenue fell by 1.8 per cent in Q4 FY’24 as the company resorted to price cuts to prop up sales.
The company’s board of directors recommended a final dividend of Rs 28.15 per share, in addition to the interim dividend of Rs 5.15 per share declared in October 2023. The company’s total dividend for FY’24 now stands at Rs 33.30 per share.
Earnings before interest, tax, depreciation and amortisation (EBIDTA) for the fourth quarter was at Rs 1,692 crore down 9.3 per cent. EBITDA margins have declined by 170 bps YoY to 21.1 per cent.
“Our Decorative and Industrial coatings combined, delivered volume growth of 10 per cent and value growth of 3.9 per cent for the year with our Industrial segment registering double-digit value growth. Looking ahead, we remain confident about a pick-up in demand conditions with a favourable monsoon forecast,” said Asian Paints CEO Amit Syngle.
–IANS
sps/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
