Recently, Asia Coatings, India's largest paint manufacturer, announced its fourth quarter and full year results for the 2024 fiscal year (April 1, 2023 to March 1, 2024). In fiscal year 2024, Asian coatings achieved double profit growth, demonstrating its strong strength in the global coatings market.

The financial report shows that in fiscal year 2024, the annual comprehensive sales of Asian Coatings Group was 353.82 billion rupees (about 30.62 billion yuan), an increase of 3%, showing the company's stable growth trend. At the same time, the company's net profit increased by 33% to 54.602 billion rupees (about 4.725 billion yuan). This brilliant achievement not only reflects the efficient operation management and cost control capabilities of Asian coatings, but also highlights its leading position in the market.

In terms of sales volume, the annual sales volume of Asian coatings increased by 18.8, which is a leading growth rate in the coatings industry. Among them, sales in the fourth quarter increased by 10.9. Although the growth rate slowed down from the whole year, it still performed well. This achievement is due to the extensive layout and brand influence of Asian coatings in India and the global market.

In terms of segment business, the Asia Paint Decoration Business (India) increased volume by 10% in the fourth quarter of fiscal year 2024, but revenue fell by 1.8. This was mainly due to the impact of weak demand and sluggish trading. Despite this, Asian Coatings has maintained its leading position in this field by optimizing product structure and improving service quality. At the same time, the company's industrial coatings business performed strongly, and the annual revenue of the automotive coatings business exceeded the 20 billion rupee mark, showing its strong strength in the industrial coatings field.

Amit Syngle, Managing Director and Chief Executive Officer of Asia Coatings Limited, said: "We crossed the comprehensive revenue milestone of Rs 350 billion crore in fiscal year 2024, driven by our superior performance in the decorative and industrial coatings segment. Our decorative and industrial coatings delivered 10 percent volume growth and 3.9 percent value growth this year, while our industrial coatings segment delivered double-digit value growth."

Syngle also highlighted that Asia Paints, India's largest integrated home improvement player, has launched new collections, expanded store areas and integrated Home daca products into the Beautiful Homes network over the past year. These measures not only enhance the company's brand image and market share, but also provide consumers with better products and services. At the same time, the company achieved strong double-digit profit growth for the full year due to low raw material prices and improved purchasing and formulation efficiency.

Commenting on the results for the fourth quarter, Syngle said: "Decorations business grew at a healthy 10 per cent pace in the fourth quarter, but revenue was down 1.8 per cent from last year, hurt by weak demand and lower trading. However, we still have good growth in our economy and luxury collections. In addition, the price reduction strategy implemented in the past few months also affected the value of the fourth quarter. But overall, coatings revenue, including industrial coatings, was almost flat in the fourth quarter. International business grew steadily in the Middle East and African markets, but remained constrained by macroeconomic headwinds in South Asia and Egypt. Despite these challenges, the global business's profit delivery was strong throughout the year."

Looking ahead, Syngle said it is confident in the recovery of demand conditions and will continue to innovate rapidly, invest in brands and focus on consumer interests. "We remain committed to providing high-quality products and services to meet the needs of consumers worldwide," he stressed."