Asian Paints profit jumps 34%

New Delhi: Asian Paints on Wednesday reported a 34.46 per cent increase in consolidated net profit at Rs 1,475.16 crore in the third quarter ended December 2023, helped by softening of raw material prices and better efficiencies.

The company had logged a net profit of Rs 1,097.06 crore during the October-December period a year ago, according to a regulatory filing by Asian Paints.

Its revenue from operations went up 5.4 per cent to Rs 9,103.09 crore during the quarter. In the year-ago period, it stood at Rs 8,636.74 crore.

The company has witnessed “soft raw material environment and work on sourcing, formulation efficiencies driving margins” which helped in “improvement in gross margins by about 510 basis points in Q3 FY’24 as compared to Q3 FY’23,” said an earnings statement from Asian Paints.