Focus on volume growth; margin risk still persists

10 May 2024
5 Min read 
  • Asian Paints posted 1%/2% YoY decline in consolidated/standalone revenue in 4QFY24.
  •  Decorative volume growth at 10% YoY, with a value-to-volume gap expanded to ~12% in 4Q.
  •  Gross margin stood at 43.7% in 4Q, the best in the last 12 quarters.
  •  EBITDA margin contracted 180bp YoY and 325bp QoQ to 19.4%.
  •  Management guided double-digit volume growth for 1QFY25/full year (FY25).
  •  Despite various initiatives, revenue growth trend for FY25 is still weak.
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