Abhijit Roy, MD & CEO of Berger Paints India, on Friday, said that the company has announced another price hike with effect from July. Roy also said that the company had increased prices in May.
Speaking in an interview with CNBC-TV18, he said, “There is a price increase, which we have announced effective from July 1, in addition to the one we took on May 1.”
On raw materials, he said, “Crude prices have risen quite a lot but other raw materials also have gone up; some of them are connected to crude and some of them are not, but there has been an increase in demand across the world. Some amount of supply disruptions also contributed to the increase in raw material prices.”
According to him, price hikes in May and July will cover all inflation on the water-based side. “On the solvent-based side, it is yet to be taken, which will be taken in phases; possibly some part of it we will take in July,” said Roy.
On demand, he said, “There is a buildup in demand across both urban and rural areas. In the month of June, we have seen it coming back. In April it had begun well and was going well till the third week of April, but then with the lockdowns, there was a slowdown. In June, we saw a reasonable growth; I wouldn’t say there is euphoria but there is good growth.”
For the entire interview, watch the video