Asian Paints said its board of directors has approved payment of an interim dividend of Rs 4.40 per equity share. (Photo credit: Pixabay)

New Delhi: Asian Paints on Thursday reported 32.83 per cent rise in consolidated net profit at Rs 803.83 crore for the second quarter ended September 30 driven by robust sales.

The company had posted a net profit of Rs 605.17 crore in the same quarter last fiscal year, Asian Paints said in a regulatory filing.

Revenue from operations stood at Rs 8,457.57 crore in the quarter under review as compared to Rs 7,096.01 crore in the year-ago period, it added.

"The domestic decorative business showed resilience to deliver a double-digit volume growth and healthy value growth despite subdued demand conditions, impacted by the extended monsoon," Asian Paints Managing Director and CEO Amit Syngle said.

The home decor business continued to gain traction with focus on lighting, kitchen and bath along with expansion of 'Beautiful Homes Stores' and the home decor implementation arm, 'Beautiful Homes Service' across markets, he added.

Syngle further said,"The auto OE (original equipment) business delivered robust growth, while the industrial coatings business continued with its high growth trajectory led by protective and powder coatings." The international business also registered a good double-digit revenue growth despite multiple headwinds across key markets, he added.

Sales in the international market increased 15.3 per cent in Q2 FY23 to Rs 805.99 crore from Rs 699.28 crore in the year-ago period, the company said.

Asian Paints said its board of directors has approved payment of an interim dividend of Rs 4.40 per equity share.

The company has not passed on entire inflation burden to its customers, with a 5 per cent difference between first and second qusarter cobined and the price passed on to the customer, said Syngle.

A large effect of Q1 inflation was witnessed in the second quarter, hwoever as a gradual deflation is seen a positive effect may be witnessed in the fourth quarter.

Syngle identified rain as a spoilsport, while geopolitics and rupee dereciation also need to be watched out for.

The company is also eyeing acquisition of a specialty checmicals company with eye on consturction of the future.

Asian Paints is also planning to set up a Vinyl Acetate Ethylene Emulsion plant in India, the first by any company according to Syngle.

The paint maker is also manufacturing white cement joint venture with Riddhi Siddhi group in Fujairah, UAE.