Please find enclosed the transcript of the proceedings of the 79th Annual General Meeting of the Company held on Thursday, 26th June 2025. The same is available on the website of the Company at www.asianpaints.com.
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Asian Paints held its 79th AGM on June 26, 2025 via video conference, with Vice Chairman Manish Choksi presiding in the absence of Chairman R Seshasayee due to health reasons. For FY2024-25, standalone revenue declined 5.4% to Rs. 29,553 crore, profit before tax fell 24.6% to Rs. 5,277 crore, and net profit dropped 32.6% to Rs. 3,585 crore; consolidated profit after tax fell 33% to Rs. 3,710 crore. The Decorative paints business recorded a 5.7% decline in value terms despite 2.5% volume growth, as aggressive pricing from new entrants like Birla and JSW, weak urban consumption, and extended repainting cycles pressured both realizations and profitability. The Board recommended a total dividend of Rs. 24.8 per share, down about 25.5% from Rs. 33.3 last year. The company exited its sub-scale Indonesian business and continued to invest in waterproofing, construction chemicals, Home Décor stores (72 Beautiful Homes), and backward integration into white cement and VAE emulsions.
Shareholders should view this as a confirmation of significant margin pressure from intensifying competition, with profits falling much faster than revenue and a notable dividend cut. Near-term stock sentiment is likely to remain weak until competitive intensity eases, though management's investments in government projects, home décor, and backward integration signal a focus on defending long-term market share.