On Thursday, a senior executive from JSW Paints announced that the company achieved a revenue of over Rs. 2,000 crore in FY24, marking its first operating profit since its establishment five years ago. Looking ahead, the JSW Group subsidiary has set its sights on generating Rs.5, 000 crore in revenue within the next two years.
To achieve this goal, the company plans to enhance its retail presence in the home decorative sector and introduce a wider range of products in the industrial coating business, according to Sundaresan AS, the Joint Managing Director & CEO of JSW Paints.
Sundaresan said in a media interview,"We have been able to achieve operating breakeven this year (FY24)."
JSW Paints, one of the recent additions to the rapidly expanding Indian paints sector, has set its sights on achieving a growth rate that surpasses the overall market.
He also said,"We aim to keep growing anywhere from 5 to 10 times the market growth. In the current year (FY24), We have grown 10 times the rest of the industry."
He also adds that,JSW Paints is introducing fresh merchandise to the market, broadening its scope and network, and persistently investing in constructing the brands.
When inquired about JSW Paints' goal of achieving Rs. 5,000 crore in revenue over the next two years, Sundaresan expressed confidence in its feasibility.
Sundaresan added, "Of course, it has to be aided by a buoyant market and if you keep doing the right things which we have been doing. We have always believed in taking aspirational goals and working towards them systematically. So we believe it is possible."
JSW Paints presently has a distribution network of 6,000 retailers throughout the country and aims to grow this network even more in the coming years.
In the Indian paints market, Sundaresan stated that the industry has experienced double-digit growth over the past few decades and is projected to continue this trend in the future. This expanding market offers opportunities for new entrants, as evidenced by the recent entry of Aditya Birla Group, Pidilite, and other players in the last 4-5 years.
Sundaresan mentioned,"This is going to add more value to the industry, quality competition and new offerings.Over the past five years, we have actively confronted the current competition. With our unique approach and the difference we can bring to the industry, we are confident that JSW Paints will effectively tackle both the existing and upcoming competition."
JSW Paints has successfully made a remarkable impact with its offerings, even though it faced the setback of losing two years due to the COVID pandemic. This achievement is particularly noteworthy considering the relatively short period of time in which it was accomplished.
Over the past five years, we have actively confronted the current competition. With our unique approach and the difference we can bring to the industry, we are confident that JSW Paints will effectively tackle both the existing and upcoming competition.
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