Asian Paints Q4 net profit up 1.34% at Rs 1,275.3 cr

New Delhi: Asian Paints Ltd on Thursday reported a 1.34 per cent increase in consolidated net profit to Rs 1,275.3 crore for the fourth quarter ended March 2024.

The company had posted a consolidated net profit of Rs 1,258.41 crore in the corresponding quarter of the previous fiscal, Asian Paints said in a regulatory filing.

Its consolidated revenue from operations during the quarter under review stood at Rs 8,730.76 crore against Rs 8,787.34 crore a year ago, it added.

The total expenses during the fourth quarter were higher at Rs 7,319.1 crore compared to Rs 7,181.66 crore in the year-ago period.

For the fiscal ended March 31, 2024, the company's consolidated net profit was Rs 5,557.69 crore compared to Rs 4,195.33 crore in the previous year, Asian Paints said.

Its revenue from operations in FY24 stood at Rs 35,494.73 crore against Rs 34,488.59 crore in FY23, the company added.

"We crossed the Rs 35,000 crore consolidated revenue milestone in FY2024. Our Decorative & Industrial coatings combined delivered volume growth of 10 per cent and value growth of 3.9 per cent for the year with our industrial segment registering double-digit value growth," Asian Paints Managing Director and CEO Amit Syngle said.

He said the company's international business has seen steady growth in the Middle Eastern and African markets but remains constrained by macroeconomic headwinds in South Asia and Egypt.

"Despite these challenges, profit delivery in the global business has been strong all through the year," Syngle added.

Looking ahead, he said, "We remain confident about a pick-up in demand conditions with a favourable monsoon forecast".

Asian Paints said its board of directors has recommended a final dividend of Rs 28.15 per equity share. The company had declared an interim dividend of Rs 5.15 per equity share in October 2023 for FY24, and thus the total dividend for FY24 is at Rs 33.30 per equity share.