The 2024 Global Top 10: No. 9 Asian Paints Limited
Image courtesy of Asian Paints.
No. 9 Asian Paints Limited
Mumbai, India
91.22.39818990
Managing Director/CEO: Amit Syngle
2023 Coatings Sales: Approx. $3.56 billion USD (₹29,643.64) for sales ended March 31, 2024
Founded in 1942, Asian Paints is now India’s leading paint company. Asian Paints produces a range of decorative and industrial coatings. The company recorded coatings sales for the period ending March 31, 2023, of 29,643.64 Crores. Asian Paints operates in four segments: Decorative, International, Industrial, and Home Decor. For the period ending March 31, 2024, the Decorative business accounted for 88.2% of revenue, while the International business accounted for a 9% share. In the Industrial business, the company operates through PPG Asian Paints Pvt. Ltd. (a 50:50 joint venture with PPG), which serves the Indian automotive, marine and packaging coatings markets, and Asian Paints PPG Pvt. Ltd., another joint venture with PPG that serves the industrial protective coatings, powder coatings, floor coatings, and road marking coatings markets in India. This segment accounted for 2.8% of the revenue for the period – PPG Asian Paints PVT Ltd. revenues not included). The company’s Home Decor business accounted for 4% of revenue for the period. Revenue from the Home Decor business is not included in the coatings sales numbers. The company and its subsidiaries have operations in 15 countries across the world with 26 paint manufacturing facilities. The company serves consumers in over 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans, and Kadisco Asian Paints.
Notes: In November of 2023, PPG Asian Paints, a provider of automotive refinish solutions in India, announced the launch of its premium car detailing and décor business, 'Cartisan,' with the opening of its flagship center in Pune, NIBM. This launch marked a significant endeavor of the company in catering to the automotive aesthetic needs of the city, its suburbs, and the nearby regions.
Source: Annual Report, company website, press releases
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