Asian Paints Q1 net jumps 80% to Rs 10.36 bn; revenue up 55%

Asian Paints Ltd has reported an 80.39% increase in consolidated net profit to Rs 10.36 billion crore for the first quarter ended June 30, 2022 as the company grew in both volume and value.

The company posted a net profit of Rs 5.74 billion during the April-June quarter of the previous fiscal year, Asian Paints said in a regulatory filing.

Revenue from operations rose 55 percent to Rs 85.79 billion during the quarter, from Rs 55.35 billion in the corresponding period of the previous fiscal year.

The total cost was Rs 72.88 billion, up 48.91% in Q1/FY 2022-23 from Rs 48.94 billion in the same period last year.

Commenting on the results, Asian Paints, managing director and chief executive Amit Syngle, said the domestic decorative business had good consumer demand and posted great revenue growth for the quarter.

"The volume growth recorded in the quarter is one of the highest in the last six quarters. The company also recorded robust four-year compound growth in terms of volume and value," he said.

Asian Paints' international business also delivered double-digit revenue growth for the quarter.