Amit Syngle, MD & CEO of Asian Paints on Monday said that he expects double-digit growth to continue into FY22 as well.
“You have to see in perspective of the overall year because the first quarter was a washout with April being near zero. So, overall if you look at the year, if we are able to log in a double-digit on the year, it will be very good and this would mean that the double-digit growth would continue into next year given the fact that we are seeing demand conditions are buoyant and the fact that we are looking forward to a great harvest and a good agrarian economy which is going to come in given the monsoons which we have seen last year,” he said in an interview to CNBC-TV18.
He said that even though COVID cases are rising, demand conditions have remained unchanged. “There is a continued recovery in demand from urban, tier-I and II cities.”
According to Syngle, construction and real estate is seeing some buoyancy. He also said that they are seeing the same fervour in home improvement as they had in paints.
“Today we are aiming in terms of looking at fulfilling the dreams of the consumers in terms of decorating their homes. We would not mind looking at alignments and partnerships in terms of seeing that we are able to give the full package to the consumer so that the consumer feels that we are a one-stop-shop in terms of fulfilling their dreams and making their homes beautiful,” he said.
He said that they don’t want to tinker with paint prices just yet.
“Given the current situation which is there and the fact that there is a little bit of revisit of cases which is happening, a little bit of uncertainty which kind of is creeping in, we did not want to tinker with the consumer sentiment going forward in terms of saying that there is a price increase which is coming because it tends to put a little bit of a load on the customers' mind in terms of doing their spaces and so on. Therefore, we were all batting in terms of seeing the topline still remains buoyant and that is something which we are gunning for in a very strong manner,” he said.
Syngle added that they are watching input prices closely and will look at price increase if the margin sees a dent due to input cost inflation.Watch the video for more