Mark to Market | Asian Paints struggles with flat revenue; higher input costs
Asian Paints Ltd put up a dismal show on revenues in the September quarter (Q2FY24) due to weak consumer sentiment. Erratic monsoons meant slower pace of growth in rural volumes and product mix was inferior led by the economy range of products. Plus, there was the shift in festive demand by a quarter to Q3 to cope with. Urban markets did relatively better but that could not move the needle enough. In this backdrop, Asian Paints’ volume growth in the domestic decorative business (forming 84% of FY23 revenues) stood at 6% in Q2, down from 10% in Q1FY24, and 16% in Q4FY23. Thus, consolidated total operating revenue rose by a mere 0.2% year-on-year to ₹8,479 crore.
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