India’s largest paint company Asian Paints today released its financial results for the June quarter of the financial year 23 on July 26, 2022. The company reported a year-on-year growth of 80.4 per cent in the June quarter. The company’s consolidated profit rose to Rs 1,036 crore in the June quarter on a year-on-year basis.
In the first quarter of the last financial year i.e. the quarter of June 2021, the company had a profit of only Rs 574.30 crore. At that time the company’s business was affected due to the second wave of Covid.
Looking at the earnings data, the company’s consolidated income grew 54 percent to Rs 8,607 crore in the June quarter of FY 2023 on a year-on-year basis as compared to Rs 5,585.36 crore in the June quarter of the previous financial year.
On the operating front, the company’s EBITDA grew by 88.65 per cent to Rs 913.56 crore in the June quarter of FY2023 on a year-on-year basis, while the company’s margin grew by 194 bps to 10.61 per cent from the June quarter of the previous financial year.
AXIS BANK’s profits jumped, know the strategy to earn profit on the stock from 5 leading brokerages ofthe market However, the company’s gross margin declined to 40.26 per cent in Q1FY23 as compared to 54.67 per cent in the June quarter last year.
The company’s Managing Director and CEO Amit Singhal said that the volume of the company’s domestic decorative business has doubled. Earnings were also excellent as compared to last year. In the first quarter of last year, there was a weakness in earnings due to the nationwide lockdown. At the same time, this time the quarterly earnings of Industrial Business and Home Improvement Business doubled from last year’s quarterly earnings.
Let us inform that Asian Paints along with its subsidiaries does business with 26 manufacturing plants in 15 countries across the world. Asian Paints stock had defended its March lows during the June correction. The stock has gained over 21 per cent since its June lows. The stock rebounded after quarterly earnings. It was trading 0.2 percent higher at Rs 3,111.80 at 1:53 pm on NSE.