Asian Paints reported on October 20 that consolidated net profit rose 32% year-on-year to Rs 803 crore in the quarter that ended September 2022, driven by higher prices. Net profit in the same quarter of the previous fiscal was Rs 605 crore.

Subsequently, profit fell 22% from Rs 1,036 crore in June FY23. The net profit figure was well below analysts’ expectations of Rs 1,068 crore.

Consolidated revenue for the quarter rose to Rs 8,457 crore, up 19% from Rs 7,096 crore in the corresponding period of the previous fiscal. Subsequently, revenue edged down 1.7% from Rs 8,606 crore.

The company also declared an interim dividend of Rs 4.40 per share, along with figures for the second quarter of fiscal 2023. The stock fell 2.51% shortly after the results were announced. The stock was quoted at Rs 3,132 per share on the National Stock Exchange at 2:30 pm.

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The company’s EBITDA rose 35% to Rs 1,227 crore, compared with a year-on-year increase of Rs 9,045 crore. EBITDA margin expanded 180 basis points to 14.5%. However, analysts estimate an EBITDA margin of 18%. The company said sales in its international business rose 15.3% to Rs 805.99 crore in the quarter; bathroom accessories rose 10.9% to Rs 101.77 crore, and kitchen sales rose 14.2% to Rs 117.83 crore.