Asian Paints Q2 Results: Company misses estimates as revenue remains flat; PAT jumps 53% YoY

Asian Paints Q2 FY24 Results: Asian Paints on Thursday (October 26) announced its September quarter results, reporting a 53.31 per cent jump in its profit after tax to Rs 1,232.39 crore in the quarter under review from Rs 803.83 crore in the same quarter last fiscal. The company's profit failed to meet Zee Business research estimates of a 56 per cent to Rs 1,222 crore. 

The company's revenue from operations in the September quarter jumped 0.24 per cent to Rs 8,478.57 crore from Rs 8,457.57 crore in the corresponding period last year. Revenue has also missed analysts' expectations of a 7 per cent rise to Rs 9,033 crore.  

The revenue from sales also remained flat at Rs 8,451.93 crore in the second quarter of the current financial year.

"The domestic coatings business, decorative and industrial combined, registered a subdued 1.1% revenue growth in the quarter. The Domestic Decorative Paint business for Q2 was muted,  registering a flat value sale with a 6% volume growth. The erratic monsoon impacted market sentiment potentially leading to deferment of sales to October given the late Diwali this year," said Amit Syngle, Managing Director & CEO of Asian Paints, in a statement.

Asian Paints Interim Dividend

The company also announced an interim dividend of Rs. 5.15 per equity share of the face value of Re. 1 (Rupee One) each for the financial year ending March 31, 2024.

The record date for the interim dividend has been fixed as November 3, 2023, Friday, while ex date for the same is November 13, 2023. 

Asian Paints Share Price

The stock of Asian Paints was down by 2.32 per cent, or Rs 71.10, at Rs 2,990 on BSE at 2:31 pm.