Annual report - AkzoNobel India 2022-23
AkzoNobel India, makers of Dulux Paints in India. The company has recently published its annual report for the year 2022-23. Key highlights from the business report as below:
♦ The size of the industry is estimated to grow from Rs 62,000 crores to Rs 1 lakh crore in the next five years, as per the report
♦ Company holds a market share of 16-17% in premium paints in India
♦ Reported a record performance in FY22-23, with revenue growing 21% YoY to Rs 3,802 crore
♦ Coatings segment benefited from core sector and auto growth, leading to a 24% increase in EBIT to Rs 442.6 crore.
♦ The management believes the industry's prospects are tied to the country's economic growth, which is expected to be 6-7%.
♦ Industrial coatings demand has grown due to the robust industrial sector and consumer durables, automobiles, and allied industries.
♦ Analysts predict increased competitive intensity may affect commodity+ segments, but Akzo Nobel India is relatively insulated due to higher revenue from premium paints.
♦ Pans to increase ad-spend-to-sales ratio from 1.7% to 3.5% over FY24-25 to support the premium portfolio and gain market share.
♦ Continues to launch premium products, benefiting from lower competitive pressure in that segment.
Annual report - AkzoNobel India 2022-23 is below:
