“We registered single-digit volume growth in the decorative paint segment in India due to sluggish demand conditions,” said K.B.S. Anand, managing director & CEO, Asian Paints Limited. “Growth in the current quarter was also impacted due to the early festival season as compared to the previous year. The Automotive coatings JV (PPG-AP), witnessed good growth in the General Industrial and Auto Refinish business segment. However, the Auto OEM business was impacted by subdued consumer demand.
“The growth in the Industrial Coatings JV (AP-PPG), was led by demand in the Industrial Liquid Paints segment. The international business performance was led by double digit growth in some markets like Bangladesh, Nepal & Emirates even though some countries continued to be affected by political events and macro-economic uncertainty. The ramp-up of Home improvement business has been slower than expected, due to weak consumer sentiments,” he added.