The Paint Wizard: Abhijit Roy, MD and CEO, Berger Paints India Under the CEO's leadership, during the financial year 2023-24, the retail sales and distribution division of the company made strides with several initiatives, achievements and innovations
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From the humble beginning of 1923 with a single manufacturing unit in Howrah, West Bengal, to have grown to encompass 29 manufacturing units which include subsidiaries, to become the second largest paint company in India, fourth largest in Asia and fifteenth largest decorative coating manufacturer in the world, the journey of Berger Paints has been of growth and expansion. At the end of FY2024, the company's consolidated turnover stood at INR 11,199 crore and the standalone turnover crossed the 10,000-crore mark. It expects to continue raising its market share amid increased competition and hopes to achieve its target of INR 20,000-crore turnover by 2029.
During the financial year 2023-24, the retail sales and distribution division of the company made strides with several initiatives, achievements, and innovations. The division expanded its network through strategic initiatives, enhancing the reach and efficiency of distribution channels across urban and rural markets. "Last year, our consolidated sales was up by 6 per cent to Indian rupee 11,199 crores, and operating profit by an impressive 25 per cent to Indian rupee 19.25 crores. We dropped prices by almost 5 per cent in the second half of last year due to the drop in RM prices," said Abhijit Roy, MD and CEO, Berger Paints India.
The company reported a consolidated net profit of INR 353.56 crore for the first-quarter of the 2024-25 fiscal, as against INR 354.35 crore in the same quarter a year ago. The profit figure stood flat due to the base effect of a very high margin recorded in the first-quarter of FY24.
The upcoming festive season looks promising for the company, "Typically the festive season tends to be good for the paint market. Many people go for painting in this period immediately after the rains. Paint sales, especially that of the luxury category, tends to pick up. This time also the waterproofing segment,
especially the roof waterproofing will go up significantly. Decorative segment will pick up, though there is growth, still right through the year, industrial sales are going on at a flat pace," he added.
Waterproofing and construction chemical business has increased during the year. Along with the subsidiary STP Limited, it is now a leading player in the construction chemicals and waterproofing category in India. The company's upcoming greenfield project at Panagarh, West Bengal is progressing well and it is in the process of receiving all necessary approvals and the construction activity is about to begin.
