Asian Paints reported a consolidated net profit after minority interest of 782 crores on Thursday, which was lower than anticipated and increased by about 31% from 596 crores in the same quarter last year. In the meantime, its operating revenue increased by more than 19%, from 7,096 to 8,457 crore (YoY).
The company claimed that despite weak demand conditions brought on by the prolonged monsoon, the domestic decorative business displayed resilience to deliver a double-digit volume growth and healthy value growth.
The company’s board has also authorized the payment of an interim dividend of R$4.40 per equity share with a face value of R$1 for the fiscal year ending March 31, 2023. The record date for determining the shareholders’ eligibility for the interim dividend has been set as Tuesday, November 1, 2022. The dividend will be paid to the shareholders on or after Thursday, November 10, 2022.
Asian Paints Ltd saw a 20% increase in second-quarter sales on a standalone basis, while the company saw a 23.4% increase in second-quarter net profit.
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