|
Consolidated
net sales (including other operating income) of Asian Paints has declined 0.64%
to Rs 8730.76 crore. Operating profit
margin has declined from 21.22% to 19.37%, leading to 9.30% decline in
operating profit to Rs 1,691.37 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 46.28% to 45.90%.
Purchase of finished goods cost rose from 10.29% to 10.77%. Employee cost increased from 6.07% to
6.97%. Other expenses rose from 15.67%
to 17.15%.
Other
income rose 77.39% to Rs 187.11 crore.
PBIDT fell 4.66% to Rs 1878.48 crore.
Provision for interest rose 39.04% to Rs 54.1 crore. Loan funds rose to Rs 2,474.38 crore as of 31
March 2024 from Rs 1,932.62 crore as of 31 March 2023. Inventories declined from Rs 6,210.64 crore
as of 31 March 2023 to Rs 5,923.41 crore as of 31 March 2024. Sundry debtors were higher at Rs 4,889.05
crore as of 31 March 2024 compared to Rs 4,636.94 crore as of 31 March 2023. Cash and bank balance rose to Rs 1,084.01
crore as of 31 March 2024 from Rs 843.82 crore as of 31 March 2023. Investments rose to Rs 4,587.92 crore as of
31 March 2024 from Rs 4,261.71 crore as of 31 March 2023 .
PBDT
fell 5.54% to Rs 1824.38 crore. Provision
for depreciation rose 2.47% to Rs 225.61 crore.
Fixed assets increased to Rs 9,425.80 crore as of 31 March 2024 from Rs
6,561.57 crore as of 31 March 2023.
Intangible assets increased from Rs 228.48 crore to Rs 419.19
crore.
Profit
before tax down 6.57% to Rs 1,598.77 crore.
Share of profit/loss was 8.44% higher at Rs 25.32 crore. Provision for tax was expense of Rs 348.79
crore, compared to Rs 451.44 crore.
Effective tax rate was 21.48% compared to 26.40%.
Minority
interest decreased 23.44% to Rs 18.58 crore.
Net profit attributable to owners of the company increased 1.83% to Rs
1,256.72 crore. Equity capital stood at
Rs 95.92 crore as of 31 March 2024 to Rs 95.92 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00.
Promoters’
stake was 52.63% as of 31 March 2024 ,compared to 52.63% as of 31 March 2023
. Promoters pledged stake was 7.04% as
of 31 March 2024 ,compared to 7.41% as of 31 March 2023 .
“We
crossed the Rs 35,000 crores consolidated revenue milestone in FY2024. 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 Décor player. And
during the year, we made good progress on launching new collections and
expanding our store footprint as well as integrating our Home Décor 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.” said Amit Syngle, Managing
Director & CEO of Asian Paints Limited. Segment Highlights
International
business:
Sales increased by 2.3% in Q4 FY’24 to Rs 812.3 crores from Rs 794.4 crores. In
constant currency terms, sales increased by 4.7% in Q4 FY’24. PBT before
exceptional items was Rs 44.2 crores in Q4 FY’24 as against Rs 39.4 crores in
the corresponding period of previous year. Sales decreased by 0.7% in FY’24 to Rs
3,061.5 crores from Rs 3,084.4 crores on the back of economic uncertainty,
forex crisis and liquidity issues in key markets of Asia and Africa. The
business had 3.9% growth in constant currency terms. PBT before exceptional
items was Rs 169.5 crores in FY’24 as against Rs 157.7 crores in the previous
year.
Home Décor business: Bath Fittings
business: Sales decreased by 8.0% in Q4 FY’24 to Rs 88.7 crores from Rs 96.4
crores in the last year due to subdued retail demand. PBDIT loss was Rs 10.0
crores in Q4 FY’24 as against profit of Rs 1.1 crores in the corresponding
period of the previous year. Sales decreased by 16.2% in FY’24 to Rs 340.1
crores from Rs 406.0 crores in the last year. PBDIT loss was Rs 18.4 crores as
against profit of Rs 6.6 crores for the previous year.
Kitchen business: Sales increased by
2.8% in Q4 FY’24 to Rs 100.7 crores from Rs 97.9 crores. PBDIT was Rs 2.7
crores in Q4 FY’24 as against a loss of Rs 7.4 crores in the corresponding
period of previous year. Sales decreased by 7.5% in FY’24 to Rs 393.5 crores
from Rs 425.5 crores in the last year. PBDIT was Rs 8.5 crores in FY’24 as
against loss of Rs 15.6 crores in the previous year.
White
Teak and Weatherseal: Sales at White Teak in Q4 FY’24 increased by 33.3% to Rs
47.7 crores. Sales at Weatherseal in Q4 FY’24 increased by 63.4% to Rs 15.6
crores. Sales at White Teak increased by 23% in FY’24 to Rs 133.4 crores. Sales
at Weatherseal more than doubled in FY’24 to Rs 51.7 crores. Both are gaining
from synergies with the Asian Paints network.
Industrial business: APPPG sales
increased by 8.1% in Q4 FY’24 to Rs 313.2 crores from Rs 289.6 crores. PBT
increased by 2.0% to Rs 33.5 crores in Q4 FY’24 as against Rs 32.9 crores in
the corresponding period of previous year. APPPG sales increased by 12.6% in
FY’24 to Rs 1,146.0 crores from Rs 1,018.2 crores. PBT increased by 59.6% to Rs
134.2 crores in FY’24 as against Rs 84.1 crores in the previous year.
PPGAP
sales increased by 10.2% in Q4 FY’24 to Rs 471.2 crores from Rs 427.6 crores.
PBT increased by 24.0% to Rs 68.9 crores in Q4 FY’24 as against Rs 55.5 crores
in the corresponding period of previous year. PPGAP sales increased by 10.3% in
FY’24 to Rs 2,014.7 crores from Rs 1,826.2 crores. PBT increased by 51.1% to Rs
356.0 crores in FY’24 as against Rs 235.7 crores in the previous year
Full year results
analysis
Net
sales (including other operating income) of Asian Paints has increased 2.92% to
Rs 35494.73 crore. Operating profit
margin has jumped from 18.15% to 21.37%, leading to 21.17% rise in operating
profit to Rs 7,584.98 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
49.80% to 45.17%. Purchase of finished
goods cost fell from 11.88% to 10.98%.
Employee cost increased from 5.83% to 6.62%. Other expenses rose from 14.50% to 15.64%.
Other
income rose 78.01% to Rs 687.96 crore.
PBIDT rose 24.47% to Rs 8272.94 crore.
Provision for interest rose 42.04% to Rs 205.17 crore. Loan funds rose to Rs 2,474.38 crore as of 31
March 2024 from Rs 1,932.62 crore as of 31 March 2023. Inventories declined from Rs 6,210.64 crore as
of 31 March 2023 to Rs 5,923.41 crore as of 31 March 2024. Sundry debtors were higher at Rs 4,889.05
crore as of 31 March 2024 compared to Rs 4,636.94 crore as of 31 March
2023. Cash and bank balance rose to Rs
1,084.01 crore as of 31 March 2024 from Rs 843.82 crore as of 31 March
2023. Investments rose to Rs 4,587.92
crore as of 31 March 2024 from Rs 4,261.71 crore as of 31 March 2023 .
PBDT
rose 24.08% to Rs 8067.77 crore.
Provision for depreciation fell 0.59% to Rs 853 crore. Fixed assets increased to Rs 9,425.80 crore
as of 31 March 2024 from Rs 6,561.57 crore as of 31 March 2023. Intangible assets increased from Rs 228.48
crore to Rs 419.19 crore.
Profit
before tax grew 27.83% to Rs 7,214.77 crore.
Share of profit/loss was 41.72% higher at Rs 133 crore. Provision for tax was expense of Rs 1790.08
crore, compared to Rs 1493.5 crore.
Effective tax rate was 24.36% compared to 26.25%.
Minority
interest increased 9.65% to Rs 97.46 crore.
Net profit attributable to owners of the company increased 32.97% to Rs
5,460.23 crore.
Equity
capital stood at Rs 95.92 crore as of 31 March 2024 to Rs 95.92 crore as of 31
March 2023. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 52.63% as of 31 March 2024 ,compared to 52.63% as of 31 March 2023
. Promoters pledged stake was 7.04% as
of 31 March 2024 ,compared to 7.41% as of 31 March 2023 .
Cash
flow from operating activities increased to Rs 6,103.60 crore for year ended
March 2024 from Rs 4,193.43 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 2,496.08 crore, compared to Rs
1,445.61 crore during the year ended March 2023.
The
scrip is currently trading at Rs 2711
|
Asian Paints : Consolidated Results
|
|
Particulars
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Net Sales
|
8,730.76
|
8,787.34
|
-1
|
35,494.73
|
34,488.59
|
3
|
|
OPM (%)
|
19.37
|
21.22
|
|
21.37
|
18.15
|
|
|
OP
|
1,691.37
|
1,864.76
|
-9
|
7,584.98
|
6,259.84
|
21
|
|
Other Inc.
|
187.11
|
105.48
|
77
|
687.96
|
386.48
|
78
|
|
PBIDT
|
1,878.48
|
1,970.24
|
-5
|
8,272.94
|
6,646.32
|
24
|
|
Interest
|
54.1
|
38.91
|
39
|
205.17
|
144.45
|
42
|
|
PBDT
|
1,824.38
|
1,931.33
|
-6
|
8,067.77
|
6,501.87
|
24
|
|
Depreciation
|
225.61
|
220.17
|
2
|
853
|
858.02
|
-1
|
|
PBT
|
1,598.77
|
1,711.16
|
-7
|
7214.77
|
5643.85
|
28
|
|
Share of Profit/(Loss) from Associates
|
25.32
|
23.35
|
8
|
133
|
93.85
|
42
|
|
PBT before EO
|
1624.09
|
1734.51
|
-6
|
7347.77
|
5737.7
|
28
|
|
EO Income
|
0
|
-24.66
|
-
|
0
|
-48.87
|
-
|
|
PBT after EO
|
1624.09
|
1709.85
|
-5
|
7347.77
|
5688.83
|
29
|
|
Taxation
|
348.79
|
451.44
|
-23
|
1790.08
|
1493.5
|
20
|
|
PAT
|
1275.3
|
1258.41
|
1
|
5557.69
|
4195.33
|
32
|
|
Minority Interest (MI)
|
18.58
|
24.27
|
-23
|
97.46
|
88.88
|
10
|
|
Net profit
|
1256.72
|
1234.14
|
2
|
5460.23
|
4106.45
|
33
|
|
EPS (Rs)*
|
#
|
#
|
|
56.93
|
43.18
|
|
|
Notes
|
|
* EPS is on current equity of Rs 95.92 crore, Face value of Rs
1, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|