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Following a strong performance in the 2022-23 January-March quarter, publicly listed paint industry giants displayed a mixed performance in the 2023-24 (FY24) April-June quarter. While Berger Paints India outperformed its peers and reported results in line with expectations, market leader Asian Paints and Kansai Nerolac Paints fell slightly short of expectations.
In terms of profitability, all paint companies experienced an expansion in margins, attributed to lower raw material costs and an improved product mix. The companies witnessed a rise of 400-540 basis points (bps) in gross profit margins, and operating profit margins expanded by 300-500 bps.
In contrast to the
