Mumbai-based Asian Paints aims to become a Rs 1 lakh crore revenue company in the next decade. The company strategy is to offer almost everything that goes into a home. The goal is to increase the mind share of the brand and look at influencing not just the bottom of the pyramid but even the luxury space, which has immense growth potential with rising disposable incomes,
The service identified as key area where most paint companies currently lag, and Asian Paints' plan to become an outlier in that space involves providing end-to-end painting solutions with expert consultations. Within the paints business, the industrial paints category is expected to grow to 7-8% of the business from 4-5% now. The company is also focusing on backward integration for growth and 12% of the total revenues currently come from new and innovative products.
A sian Paints holds the top position in India's paint industry in terms of market share. It serves as the parent company for Berger International. The company's manufacturing footprint spans across 15 countries globally, with significant operations in India, the Indian subcluxury space, ontinent, and the Middle East.
For the December quarter, Q3FY24, Asian Paints reported domestic volume growth of 12% compared to the same quarter last year. The company said that growth was supported by an extended festive season, although there was some moderation in demand for the latter part of the quarter.
For the quarter, Asian Paints reported a net profit of Rs 1,475 crore, compared to a poll of Rs 1,410 crore. On a year-on-year basis, the net profit was up by 34.5%.