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    In a volatile environment the only constant was our growth: Asian Paints Chairman

    Synopsis

    "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," the chairman said.

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    "Supply side constraints coupled with currency devaluations kept margins under stress," Satwalekar said.
    Asian Paints chairman Deepak Satwalekar on Wednesday said during the company's annual general meeting that in a rapidly evolving environment, the one thing that remained constant was the paints major's growth across its businesses.

    "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," the chairman said.

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    While inflation impacted the company's margins, it took a series of price increases reduced costs to recover its margins sequentially over the quarters.

    Even on the international business front, inflation impacted economic activity in many of the markets the company operates in, denting its overall performance.

    "Supply side constraints coupled with currency devaluations kept margins under stress," Satwalekar said. "Despite this, we undertook several initiatives driving growth of premium-luxury products and launching or revamping the product portfolio, ensuring a comprehensive and quality offering to our customers."

    He highlighted the company's standalone revenue, which crossed the Rs 25,000-crore mark in FY22, growing by 37%. Profit before exceptional items and tax increased by 4% to Rs 4,248 crore and the profit after tax and exceptional items for the year increased by 3% to Rs 3,135 crore.


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