Asian Paints Limited — PPTs, 04-02-2025: Investor Presentation

**Financial Highlights:** APL's net sales declined by 6.1% for the quarter, primarily due to subdued growth in the domestic decorative segment. Gross margins fell to 42.3%, reflecting a 115 bps decline year over year, while the PBDIT margin decreased to 19.2%, driven by operating deleverage.

**Strategic Initiatives and Growth Drivers:** The company continues to expand its distribution network, currently at approximately 169,000 retail touchpoints. There was positive traction in the Projects/Institutional business segment, indicating potential growth opportunities.

**Business Developments:** APL reported improved performance in its industrial and international businesses, with revenue growth attributed to favorable macroeconomic conditions in Asian markets.

**Market Position and Competitive Advantage:** The company maintains its competitive edge with innovations contributing over 12% of total revenues, focusing on eco-friendly products and advanced technologies like photocatalytic formulations.

**Investor Implications:** While ongoing challenges in urban consumer demand persist, APL's strategic focus and strong performance in selected segments suggest a potentially positive outlook. Monitoring the recovery trajectory and raw material price trends will be essential for investors.