- Covestro signs first major renewable energy agreement for its US operations
- Toyochem constructs new pilot facility for high-performance polymers in Japan
- Omya extends lightweight fillers portfolio with the acquisition of Bublon
- USA’s Brightland Homes selects PPG as exclusive paint provider for new home builds
- SABIC and global chemical companies sign agreement with TNO for R&D hub for plastic w...
Asian Paints has released its financial results for the quarter and year ended March 31, 2023.
Amit Syngle, Managing Director & CEO of Asian Paints Limited, commented: “It has been an outstanding year for us with a 14% volume growth and 20% value growth in our standalone business and a net profit growth of 31%. Our growths in both the Industrial coatings have been stellar, growing double digits in volume and value, delivering one of the highest profits in the last two decades. Overall, at a consolidated level we crossed Rs. 34,000 crores revenue and along with our décor and services diversification, we are now the largest integrated player in Home Décor Business.
“In this quarter we have logged in the highest value ever, with the decorative and non-automotive Industrial businesses registering double digit volume and value growths. We have been able to improve our margins in the quarter sequentially and over last year through our persistent work on formulation and sourcing efficiencies and also helped by the easing inflation in raw material prices. In Home décor, our new categories of fabrics, decorative lighting, UPVC doors and windows did well, while Kitchen and bath were sluggish. The Global business was good in Middle East and Africa though but slower in Asia, however overall, delivered good bottom line numbers.
“Going forward, as a market leader, we will continue to aggressively pursue growth. Our performance will be driven by our consistent focus on customer centricity, innovation, sustained investment in B2B business coupled with our powerhouse brand, robust supply chain and distribution network.”