Asian Paints announced its financial results for the quarter ended September 30, 2023.

“The domestic coatings business, decorative and industrial combined, registered a subdued 1.1% revenue growth in the quarter,” said Amit Syngle, managing director and CEO of Asian. “The domestic decorative paint business for quarter two 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.”

“Growth in our automotive and refinish business was decent, while our general industrial coatings business sustained its double-digit growth trajectory,” said Syngle. “Our International Business, though supported by robust growth in the Middle East and an overall improved profitability, remained constrained by macro-economic challenges, inflation and forex unavailability in key geographies of South Asia and Egypt. While demand in the home decor space was soft on account of muted consumer sentiments, we continued to strengthen our décor foray with new collections, network and store expansions.”

Syngle continued, “Operational, formulation and sourcing efficiencies coupled with moderating raw material prices benefited our margins in Q2 and resulted in strong profit growth for the quarter. Looking towards the second half of the year, we remain optimistic about improved demand conditions well supported by the longer festive season and the overall buoyant domestic economic growth.”

The full report can be accessed here.