Asian Paints (ASIANPAINT) AGM 2024 summary

Opening remarks and agenda

• Warm tribute paid to late Ashwin Dani, former Chairman, recognizing his visionary leadership and contributions.

• Acknowledgment of board transitions, welcoming new independent directors and expressing gratitude to retiring members.

• AGM conducted via video conference, ensuring compliance with regulatory requirements and seamless shareholder participation.

• Introduction of all board members, key executives, and auditors attending the meeting.

Financial performance review

• Standalone revenue grew 2.6% to INR 30,728 crore; profit after tax rose 29.8% to INR 5,322 crore.

• Consolidated revenue increased 3% to INR 35,382 crore; net profit after tax up 32.5% to INR 5,558 crore.

• Decorative business achieved 9% volume growth and 3% value growth, with price cuts impacting value growth.

• Industrial businesses registered double-digit revenue growth and improved margins.

• International business faced headwinds in South Asia but saw recovery in Sri Lanka and growth in the Middle East.

Board and executive committee updates

• New independent directors with diverse industry experience joined the board.

• Retiring directors were recognized for their significant contributions.

• All directors and key executives were present, ensuring full board participation.