Asian Paints expects the uncertainty in the paints industry to rise, even as it registered growth across all its businesses despite a tough environment and made quick recovery in FY22. “The year saw the onset of the second wave of the pandemic, which affected the demand recovery. Our operations, however, made a quick recovery, given our learnings from the first wave and through our continuous efforts to raise the customer value proposition across product categories and price points,” chairman Deepak Satwalekar said in his address to shareholders at the company’s annual general meeting.
However, amid these uncertainties, the company continues to strive forward with a “strong growth trajectory”, Asian Paints’ he added.
“The last financial year was a year of recovery from the lows of the earlier pandemic year, a year of renewed optimism in the economy, albeit with its own set of challenges, in the form of increasing inflationary pressures and the two waves of Covid. Today, the uncertainty in the environment has again increased,” he said.
“As we look ahead, uncertainties will continue to abound with ever changing and dynamic macro-economic, geopolitical and environmental situations. Amid these uncertainties would be opportunities — to reinvent and reinvigorate our passion to fulfill the aspirations of our customers. I am certain that team Asian Paints would continue to harness these opportunities and will continue to deliver joy to all its stakeholders,” he added.
Satwalekar also asked shareholders to approve the re-appointment of its MD and CEO Amit Syngle, who has “delivered exceptional performance” and propelled the company to become a strong home décor brand. Asian Paints is also seeking reappointment of Syngle for five years from April 1, 2023, with a modified pay structure.