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Paint manufacturer Asian paints reported an 18.7% YoY growth in revenues as its profits fell short of analysts' estimates.
Profits for the quarter ended in March 2022 stood at Rs 850.42 crores, marginally lower than the profits one year ago, but substantially lower than the estimated figure of Rs 920 crores. The company said that the profit was lower on account of a delay in subsidy receipt and an exceptional loss of Rs 115.70 crores towards businesses in Sri Lanka.
MRF Q4 results are here, read more.
Revenues from operations came in at Rs 7,889.94 crores, up 21% from Rs 6,542 crores, its revenues from the corresponding quarter last year.
“It was yet another quarter of solid and strong double-digit value growth across all businesses, despite the prevailing uncertainty around COVID, macroeconomic challenges, and heightened geopolitical tensions,” said Amit Syngle, Managing Director and CEO of Asian Paints.
"We continued to improve our operating margins on a sequential basis which was a result of some calibrated price increases, driving the premium and luxury product growths, coupled with some strong work on driving operational efficiencies across businesses," he said.
The company has announced a dividend of Rs 15.50 per share as it closed today at Rs 3,053.65 per share.
Article by Aman Agarwal.
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