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Enhancing Value Proposition – BW Businessworld

Enhancing Value Proposition – BW Businessworld

Rank 15 – Asian Paints

Ashwin Dani, Chairman

Sector: Chemical & Paints

Overall, Avg. Score: 2.77

Revenue: Rs 20,016 crore

Asian Paints reported a 15.8 per cent increase in consolidated net profit at Rs 3,139.29 crore for the financial year 2020-21. 

Revenue from operations increased by 7.4 per cent to Rs 21,712.79 crore. On a standalone basis, the paintmaker’s net profit increased 15 per cent to Rs 3,052.51 crore. Good performance of the second, third and fourth quarter in FY21 together contributed to the increased revenue and net profit for Asian Paints, as explained by Asian Paints MD and CEO Amit Syngle after declaring the results. “We have seen a very strong quarter aided by good demand across rural and urban areas at the country level. On the heels of a healthy Q2 and Q3 recovery, this quarter saw exceptional growth across businesses and consumer segments. This quarter the performance has been outstanding, discounting even the slightly lower base last year same quarter,” Syngle said.

This stellar showing reflected in a jump of 14 places to the 15 rank in the BW Businessworld Most Respected Companies rankings this year. 

Robust Business Growth

The company’s domestic decorative business registered a 48 per cent volume growth in the quarter, led by a robust growth in the premium and luxury product range. The home improvement business registered record sales for the fourth quarter, aided by the foray into home décor business. 

In his message to the shareholders, company’s chairman Ashwin Dani said: “We continued to enhance our focus on understanding the changing customer needs and aspirations across our businesses, and address these through new products and solutions with a strong value proposition for our customers.”

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The entry of Asian Paints into the world of home décor provided a strong spring board to elevate the business to new standards and large customer reach. High execution standards being a key ask from customers in these segments, the business extensively focused on improving its execution capabilities with some unique propositions, Dani said.

For FY21, the company’s international business recorded double-digit volume growth, led by good growth in Asia and Middle East. “The huge inflationary trend in raw material prices has been worrying, however, its impact on profitability has been negated with some path breaking work on sourcing and cost optimisation. The current business environment is unprecedented, and we would continue to strongly engage with all our stakeholders,” Syngle explained.

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