Annual Report 22 23

Asian Paints Limited | Annual Report 2022-23

Bringing joy to
people’s lives^®

Pioneering

We believe that providing personalised solutions and pushing the boundaries of innovation not only helps our customers to create better homes, but also makes them sustainable and practical.

Whether it is our range of innovative home décor products, or our state-of-the-art painting services, our commitment to innovation is reflected in everything we do.

Curating

The belief that a home should be a reflection of its owner, inspires us to provide curated unique designs and décor solutions that inspire and delight.

We work with top designers and experts to create curated collections of home décor products that cater to a wide range of styles and preferences. From traditional to modern, from minimalist to maximalist, we have something for everyone.

Energising

The Asian Paints promise – a dedication to giving our customers the power to dream, create, and celebrate.

From festive decorations to personalised colour palettes, we offer a range of solutions that help our customers create memorable experiences and celebrate life’s special moments. Our expert team of designers and consultants is always on hand to help you create the perfect ambience for your celebrations, no matter how big or small.

At a glance

Asian Paints is India's most trusted décor
company. We create spaces where everyday
living is a joy. We help transform lives and
enrich millions of homes across Asia, the
Middle East, Africa, and the South Pacific.

Brand universe

Our product offerings & services

By providing customers with end-to-end home décor solutions, we are strategically expanding into the home décor industry. We assist people in transforming their homes into lovely spaces through painting and décor services.

Paints

Wall Coverings

Textures Painting Aid

Waterproofing

Wall Stickers

Mechanised Tools

Adhesives

Modular Kitchens and Wardrobes

Bath fittings and Sanitaryware

Decorative Lightings

Furniture, Furnishings & Rugs

uPVC Windows and Door Systems

Beautiful Home Service

Safe Painting Service

Our journey of sustainable
value creation

1998

Adoption of environmental management systems (ISO 14001) at our manufacturing facilities

Developed practices and standards across areas such as resource efficiency, health & safety, among others

2002

2003

Deployed safety management system based on British Safety Council standards

Architectural paints made free from lead and added heavy metal
Set up colour academy for imparting vocational trainings for the painter community

2008

2010

Development of Green Assure – a stringent internal standard with an eco-label

Launched Royale Aspira, the first GS-11 compliant product in India
Set up a five-year sustainability roadmap and reported sustainability targets for the first time

2013

2014

Major premium water-based architectural paints compliant with Green Assure
Collaboration with St+Art India Foundation to beautify urban spaces
Embarked on Behavior Based Safety (BBS) journey across plants

Published first Sustainability Report for FY 2014-15

2015

2016

Adopted 'gender neutral' POSH policy

300,000+ lives impacted through CSR activities
100,000+ individuals certified through the Asian Paints Colour Academy
Khandala plant awarded 'Sword of Honor' by British Safety Council

2017

2018

Royale Health Shield becomes the first paint in India recommended by the Indian Medical Association (IMA)
R&T Centre at Turbhe, Maharashtra, achieves the Indian Green Building certification

Launched India's first art district (Lodhi art district) at New Delhi, India
Renewable electricity crosses the 50% milestone
Rohtak plant awarded 'Sword of Honor' by British Safety Council
Successful culmination of 5-year sustainability agenda

2019

2020

Formulated first-of-its-kind paint – Nilaya Naturals – with over 90% natural materials
Factories in Mysuru and Vizag awarded 'Platinum' rating under the IGBC Green Factory Buildings Rating System
ISO 45001 certification for paint plants
Sriperumbudur plant awarded 'Sword of Honor' by British Safety Council

Published first integrated report (IR)
Rated as Leader 'AA' in MSCI ESG ratings
Rolled out new Sustainability targets for paint manufacturing plants

2021

2022

Ankleshwar plant reaches BBS Generative Stage (First in the world in coatings sector)
Became TCFD supporter
Comprehensive reform of policies and governance mechanisms
Rated as 'B' in CDP disclosure in first year of application
Graded as 'Good' in governance score by Institutional Investor Advisory Services
ISO 27001 certification for IT systems

Rolled-out ESG commitments. Conducted comprehensive materiality assessment
Khandala, Kasna and Patancheru plants awarded 'Sword of Honor' by British Safety Council

2023

2025

Read about our 2025 promises - Click here

Read about our 2030 promises - Click here

2030

Making
responsible choices

Our ESG commitments 2030 will propel us to steer our purpose of bringing joy to people’s lives.

Our ESG
commitments

These tables provide a high-level overview of our commitments in FY 2022-23, the first year of delivery against our ESG commitments.

Governance that
creates value

The bedrock of our corporate governance philosophy is based on unwavering adherence to ethical business practices, impartiality, and mutual trust, which enabled us to emerge as a leading company for over 50 years.

Chairman's letter

I must acknowledge the tremendous efforts of the entire management team at Asian Paints which continued to execute the business plans against the backdrop of a very dynamic business environment and made progress on the priority of driving sustainable growth.”

Deepak Satwalekar
Chairman

View chairman’s letter

Meet the board

MD & CEO's message

Our main focus is to support the customers in every step of the way on their homemaking journey, making the process joyous and as smooth and efficient as possible."

Amit Syngle
MD & CEO

View MD’s message

Fortifying our leadership position

A year of
progress

Strong financial performance

₹ 29,953.1 Crores

Revenue from sale of
products and services

19.8%

₹ 6,338.5 Crores

Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA)

25.8%

₹ 4,100.2 Crores

Free Cash Flow

269.1%

60%

Dividend payout ratio

58.6%

38%

Return on Capital Employed (RoCE)

33.5%

Tracking our footprint

36%

Reduction in Specific Electricity Consumption since FY 2013-14

46%

Reduction in CO2 Emissions (Scope 1 and 2) since FY 2013-14

382%

Water replenishment

People and communities

78%

Employee engagement score

20%

Reduction in Total Recordable Frequency Rate (TRFR)

365,000+

Beneficiaries impacted through healthcare initiatives

Best-in-class Governance

46%

Board comprises of Independent Directors

Independent Audit Committee
Board led by an Independent Chairman

41%

Time spent by the Board of Directors on matters of strategic importance

AA (Leader)

ESG Rating by MSCI

Delivering innovation

New products launched

Patents granted

Poised for growth

~₹ 8,750 Crores

fortifying our leadership position in capacity expansion over the next three years

68%

Net Promoter score (NPS)

All figures here are on standalone basis

y-o-y growth Figure for FY 2021-22

How we create value

Bringing joy to people’s lives

Capitals

Financial
Capital

Adding robust numbers to our palette

Manufactured
Capital

Responsible manufacturing for a resilient future

Intellectual
Capital

Innovation
for good

Human
Capital

Driven by care and empathy

Social and Relationship
Capital

Building bridges
of trust

Natural
Capital

Committed to a greener future

Addressing stakeholder concerns

Identifying material issues

Managing
Risks

Climate reporting disclosures

Management Discussion & Analysis

Putting the consumer at the core of our strategy, we ensured the availability of products across towns and channels, giving spurt to the demand of premium products across the barriers of rural and urban.

Download Centre

Integrated Annual Report 2022-23

Notice

Statutory
Reports

Financial
Statements

Bringing joy to people’s lives®

Pioneering. Curating. Energising.

Pioneering

Curating

Energising

Brand universe

Brand universe

Our product offerings & services

Paints

Wall Coverings

Textures Painting Aid

Waterproofing

Wall Stickers

Mechanised Tools

Adhesives

Modular Kitchens and Wardrobes

Bath fittings and Sanitaryware

Decorative Lightings

Furniture, Furnishings & Rugs

uPVC Windows and Door Systems

Beautiful Home Service

Safe Painting Service

Adding robust numbers to our palette

Responsible manufacturing for a resilient future

Innovation for good

Driven by care and empathy

Building bridges of trust

Committed to a greener future

Bringing joy to
people’s lives^®

Innovation
for good

Building bridges
of trust