Asian Paints posted a consolidated net profit of ₹1,275.3 crore for the March quarter, marking a 1.3% rise from ₹1,258.41 crore a year ago.
What Happened: The country’s largest home decor player announced that its total revenue stood at ₹8,730 crore, a decrease of 0.64% from ₹8,787 crore last year. Both revenue and profit fell short of estimates.
The company recorded EBITDA of ₹1,692 crore for the quarter, down 9.3%. EBITDA margins declined by 170 basis points year-over-year to 21.1%.
The Board recommended a final dividend of ₹28.15 per share, in addition to the interim dividend of ₹5.15 per share declared in October 2023. The total dividend for FY'24 amounts to ₹33.30 per share, with a payout ratio of 60%.
See also: With Back To The Wall, Paytm To Now Take On Uber And Ola Via Auto Bookings: Report
In the fiscal year, the company’s automotive coatings business surpassed the ₹2,000 crore revenue mark. However, while the Decorative Business (India) saw volume growth of 10%, its revenue declined by 1.8% in Q4 FY'24. The revenue from the decorative business suffered due to weak demand and downtrading in Q4FY24, compounded by price cuts across categories.
Price Action: Asian Paints shares were trading 3.62% lower at ₹2,740.45, with the stock plunging right after the company posted its quarterly earnings.
Read Next: HAL, BEL Shares Down Today But Nomura Sees $138B Opportunity
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.