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APL/SEC/31/2024-25/13

14[th] November 2024

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Security Code: 500820

National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Symbol: ASIANPAINT

Sir/Madam,

Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure – Requirements) Regulations, 2015 Transcript of the Investor Conference

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Investor Conference held on Monday, 11[th] November 2024, with regard to the business and financial performance of the Company for the quarter and half year ended 30[th] September 2024.

The transcript has also been uploaded on the Company’s website and can be accessed through the following link:

Investor Conference – Transcript

You are requested to take the above information on record.

Thanking you,

Yours truly,

For ASIAN PAINTS LIMITED

JEYAMURUGAN Digitally signed by JEYAMURUGAN RAMALINGAM RAMALINGAM JEYAPANDIYAN JEYAPANDIYAN Date: 2024.11.14 18:55:36 +05'30'

R J JEYAMURUGAN CFO & COMPANY SECRETARY

Encl.: As above

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ASIAN PAINTS

Q2 FY2025 Earnings Conference Call

Date: November 11, 2024

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Management: Mr. Amit Syngle : MD & CEO Mr. R.J. Jeyamurugan : CFO & Company Secretary Mr. Parag Rane : AVP - Finance Ms. Sunila Martis : Head – Investor Relations

Disclaimer: This is a memorandum of the proceedings of the Investor Conference Call of Asian Paints Limited held on Monday 11[th] November 2024 at 5:00 pm with regards to the financial results of the Company for the Second Quarter ended 30[th] September 2024. While we have made our best attempt to prepare a verbatim transcript of the proceedings of the meeting, this document has been edited for readability purposes and may not be a word-to-word reproduction.

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Sunila Martis:

Good evening all of you and thanks so much for joining us to discuss Asian Paints Q2 FY25 earnings. I am Sunila Martis from the Investor Relations team. And we have with us today Mr. Amit Syngle, MD & CEO; Mr. R.J. Jeyamurugan, CFO and Company Secretary, Mr. Parag Rane, AVP -Finance. I will now invite Amit to give his comments.

Amit Syngle:

Good evening. Welcome to the Q2 earnings conference.

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I will start with some of the areas we have been delivering as a brand since the last more than eight decades. We exist to beautify, preserve, transform all spaces and objects, bringing happiness to the world. And that is something which we have been pursuing, as a core value over a period of time.

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This is the disclaimer.

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Let me start straightaway with how the overall performance has been. We saw a real muted quarter for us in terms of the overall demand conditions, which were impacted. We looked at achieving base volumes. We were just about the base in terms of the overall volume achievement. But I think the effect was more at the value level where we were negative of about 6.7%. I think that is a big impact which came in. The larger impact was coming in, as we see, compared to the price reductions we have taken earlier, we also

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saw change in terms of the mix, with the mix being slightly more inferior. We saw a little bit of intense competitor activity in terms of the existing competition where the discounting levels were higher. And I think all that kind of really added to -6.7% growth.

If you were to look at just the CAGR levels on a Q2 level, the CAGR numbers are still double-digit, lower than the CAGR numbers we have been showing you for the earlier quarters. At H1 level, the volumes are still at about 3.3% growth. Given the fact that in Q2, the value was impacted, we are at about -4.8% in terms of the H1. This has been an exceptional quarter where we have seen degrowth happening at the top line.

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If you look at the Industrial Business, the Industrial Business has done relatively much better. The Industrial Business when it gets added on to the decorative business, the -6.7% value comes down to about -5.5%. We have seen almost about 6% growth in terms of the Industrial Business, which helps us bring down the overall top line to about -5.5% for Q2.

When we look at H1, there is some effect here as well. At H1 level -3.8% is the overall value. The CAGR is strong in terms of the double-digit. One of the things which is very clearly apparent is that we have seen this trend of industrial which is comprising of the auto, PC, marine, doing well in Q1 and now in Q2 as well and therefore we see difference

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at an industry level. Given the quantum of Industrial Business contribution to our total business, this is something which is very different from the competition, where it varies between 20% contribution to as high as about 40% to 45%.

So overall, if you look from this kind of analysis, I think from a decorative perspective, the overall industry for Q2, would be in the range of somewhere around -3% to about -4% in terms of what they have done.

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This is something which we have been showing you for the last almost 10 to 12 quarters. I think the double-digit story in terms of the CAGR over a five-year period has been something which has been very, very strongly intact. Obviously, in Q2, this has come down. It still remains double-digit, but it has definitely come down from the 14% to 15% mark and higher, which we have been attaining in the past and that is something which is now evident from the Q2 growth.

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So, what really happened, during this quarter? First, as I said, we have been seeing a very weak consumer sentiment. And I think the real demand has been affected. And I think this is something which is borne by a lot of consumer industries in terms of what we have been seeing of a weaker demand. This got accentuated by the effect of the extended monsoon especially in the month of August. We saw floods in some part of the country, and this has affected the overall demand conditions, which we have seen in the month of August and September.

Overall, if you were to dissect the performance of the urban centres, definitely we are seeing more stress in case of our business. We saw that the rural areas to some extent have performed relatively better. And I think that's good news that the rural areas are recovering, and we think now with the ongoing monsoon being good, I think this should have a better effect going forward. But urban centres are definitely seeing stress. One of the other things that we saw was that seasonal markets were really impacted more in this quarter because of the demand conditions being low. And that is something which we have seen that the overall Diwali season did not go the way we would have anticipated it.

Our foray in terms of expansion continues very strongly. And we continue to open more retailers in terms of suburbs, urban centres and in terms of newer towns. Overall, now

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talking of almost about 1.67 lakh retail touchpoints which is very strong, and we are looking at continuance of this market footprint.

One of the big things in terms of what we have taken is the whole area of services, as you are aware, we have this painting service, which is called the Beautiful Home Painting Service, which has a variant called the Trusted Contractor Service. This continues to gain big traction and we have seen very high growth coming in terms of this service this quarter as well.

When we have seen the projects institutional business, which is the decorative B2B business, we have seen that this segment has done relatively better than retail. Overall, however, it has not done its usual kind of growth in terms of what we have seen, but still better than retail. The factories and the builder segment is something which registered some growth. But what we saw was that construction was a little bit slow, government sector was also slower and therefore overall growth was not what we expected.

The whole innovation story has been a very strong ingredient of our story. And that is something which we focused on, and we see that today 12% of the revenue contribution still comes from new products and this is something which we are continuing taking forward in a very strong way.

Most of the capex which we had committed for brownfield expansion projects is now complete. Now we are looking at all our backward integration projects, which seem to be online. Whether it was the VAM-VAE which we are doing at Dahej in Gujarat or the white cement in Fujairah, Dubai. I think these projects are also well on track.

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Here are some of the things which we have done given the element of a very strong, corporate brand in terms of what Asian Paints stands for. We got a very strong impetus on our corporate branding, which is the Har Ghar Kuch Kehta Hai and that is something which we rejuvenated and got back in a very strong manner, given the fact that the entire strength of the brand comes from the overall corporate brand, and this is something which has been a good focus. We have got good traction from it and good recalls coming in terms of this classic, overall ad, which we revisited in the market. And I think this is something which has really done well for us.

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We have also looked at innovation, a first of its kind in the industry in terms of looking at the regional packs. We have brought the regional packs cue into the culture of the region which comes in very strongly. And these are basically packs which you can interface with through the QR mechanism. And this is something which we have done in Kerala, Maharashtra and Gujarat and got good excitement from the market.

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In addition, we have revamped both the quality of our products and looking at a new packaging. And this packaging spans right from the economy range to the premium and

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to the luxury range. And I think this is something which is a very critical change, which kind of ups the imagery of the brand very strongly and at the same time gives it a look which is upmarket.

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The same changes which are done in other ranges just to sample something for you in terms of our waterproofing range under SmartCare, where again, we have looked at very good, attractive packaging which is something that is doing well for us.

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The other area which we have looked at is really strengthening the proposition so that people are able to earn higher profitability. And we have looked at basically a full Advance range where we are talking of better products in terms of higher coverage, better hiding, whiteness and other ingredients, which we have put so that the overall product is something which is very good. This range spans from the real economy segment to the premium luxury segment as well and is given to basically a certain qualification of the network but it really propels the overall profitability of the network in a strong way.

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We have now added more ranges to this and are really taking in some of the critical products which we had not attempted earlier. This adds both at the economy range and particularly kind of really arching the whole area of shine and sheen, which has become very important for the Indian customer. And that is something which we have introduced as a new variant which is coming in the market to keep the excitement going in these products, a very strong ingredient to really build the whole brand story forward.

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We have looked at adding quality to the existing brands, which are in the premium and the luxury spaces, and added a story of an ingredient which is for the first time talking of an element like graphene, PU serum and looking at nano block coming as a story in the premium set. This is a new communication which we are releasing selectively now. First, we are looking at Ultima Protek, which is going to come on screens in November. And this is something which is going to be a big story where it is not only a new packaging, but also upgraded quality, which comes at a larger warranty interface in terms of what the consumer sees.

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Other than that, we are launching now the world's largest repository of colour. This is called Chroma Cosm and we are offering more than 5,300 shades, a colour system which is unparalleled in terms of the world and this basically becomes a big attraction in the luxury segment as well as the AID segment, which is the architect interior designers in a strong way.

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We continue our innovation looking at some very innovative products. And we have looked at something which possibly in the first time in the world looking at waterproofing

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system, which is talking of almost about 25 years warranty. This is the first time someone is introducing such a product for terraces. Very strong in terms of crack bridging, durability and a strong coating for the future.

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In addition, if you remember we had spoken about NeoBharat for first time going at the

bottom of the pyramid and looking at something which has great traction. We have been working around this. Q1we got a very strong result on NeoBharat. In Q2, because of the muted demand, I think the effect was lesser, but now we are taking this again very strongly as we come to Q3.

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Some of the things which we have been doing with the whole painter contractor community. We have a very strong program called the Kaamyabi ke Rang and we keep on recognizing people from across regions very strongly in the whole area of skill upgradation, bringing mechanization into the painting process. These are larger initiatives as an industry leader we have taken.

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Going to the Home Decor foray, you have been hearing about this and we have upped the ante in terms of really positioning the brand very strongly from a point of view of Home

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Decor. Today, as we see we are the number one integrated home decor player. With respect to looking at various categories, we are number one in lighting, number one in modular kitchens, number one in wall coverings, number two in fabric and furnishing. And we are looking at some collaborations which we have done with some strong brands overall. As I see, while this business again, was affected this year in terms of both Q1 and Q2 a little bit, but it did relatively better as compared to the core coatings business, in terms of the top line. However, we see that as we go ahead, we will have to consistently keep on looking for the next 2-3 years to build this very strongly, which gives us a very big differentiation in terms of positioning and really aligning the customer in a very strong way through the whole décor life cycle in a big way. So that's something which is the décor strategy.

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Here, if you look in Q2, both Kitchen and Bath have done relatively better as we see from the core paint category. Kitchen - we are number one as the modular kitchen leaders. We have got almost 9% growth in Q2 and that is something which is very strong and almost about 7% in H1. In the Bath category, we have got a little bit lesser in Q2, but at H1 level, we are still at about 6% overall growth. It would have been better because I think the sentiment was not so great overall. One of the challenging things has been that overall gross margins have been hit a little bit. And that has contributed to a bit of a loss, which is coming on the bottom line for both categories.

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When we look at the two newer categories which we acquired two years back, we are building the categories, expanding the categories. At the top line level, first two years were very good where they were at plan. This year while the growths are good at the quarter level and therefore we see on a H1 level also the growths are good. But I think the growth is a little bit lesser than what we had really planned for ourselves going ahead. And that is something which we are trying to pursue and see that as and when the sentiment improves, the overall growth should go up to that extent in both categories. This will give us rejuvenation at the bottom line in both categories, which is currently feeling a little bit challenged from the plan. So that is the four big categories in Home Decor.

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Some of the new things which we have introduced - our whole fabrics, rugs initiatives, the wallpapers and the areas in terms of what we have brought of newer furniture, coverings, bed coverings and so on and so forth we have introduced various categories.

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Coming on to the global business. This is where our representations are in Asia, Middle East and Africa along with some of the islands.

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When you look at the performance here, from constant currency terms, was still quite good. It was almost about 8.7%. However, it got impacted very strongly. Given the fact that we saw a currency devaluation in Ethiopia, which was a big kind of impact which came in at about ₹ 56 crores in terms of forex loss. However, if you look at the various regions, I think Middle East was the star performing with a double-digit growth. However,

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Asia was muted given the fact that Bangladesh saw a little bit of turmoil along with weather elements also coming in and problems in the country which is going on. So, Bangladesh did bring it down. However, we saw Lanka and Nepal on an improved performance relatively. Nepal, if you remember, has been struggling for the last about two years because of a liquidity crunch in the country. But this month, this quarter was much better as compared to the previous quarters.

So overall, I think we have been focusing on newer categories. Waterproofing is a very strong category along with prelux emulsions, and that has been a foray across various countries.

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Industrial business, as I said earlier, both JVs did quite well in terms of top line. If you see from the point of view of PPGAP, which is the auto OEM and the refinishes business which we have, we got almost about 6% overall growth at the quarter level and about 8% at the H1 level. Profitability has also been fairly good. We have maintained stable margins, and the PBT is quite high overall at about 15.7%. In the other JV, which is about the protective paints business, here we have also seen 6% kind of growth on the top line in the quarter. On H1, given the fact that Q1 was a little bit slow, we got about 3% growth. Profits were a little bit impacted given the tightness in the overall pricing environment which led to a decline of PBT margins from 11.3% to about 7%. But I think both businesses overall

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continue to do well. As I said this overall Industrial Business contributes to about 6 to 7% of our total business, in contradiction to some of the other companies in the paint industry where the contributions are much higher.

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Just a sneak preview in terms of what's really happened on material prices. I think it's an important slide to understand what's really happened on the overall margin front which has impacted the gross margins very strongly. If you see Q2FY24, we had deflation of about almost 4%. If you look at the current quarter, we had an inflation of about 1.5%. The combined effect of those two have really impacted the gross margins very strongly and therefore impacted the PBDIT margins as well to that extent. Overall, we have taken a price increase of 1.2% in this quarter. But I think the full realization of this price increase will come in Q3. I think this is something which we are clearly seeing going forward. We are expecting that there should be some deflation. But it all depends on how the crude prices behave given the geopolitical situation which is underway.

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In summary, when we look at the standalone financials, there has been an impact in terms of the top line 6% degrowth, almost at base volume. If you look at gross margins, there is 280 points decline over Q2 of the last year, given the fact that we had taken a price decrease last year. Also, the product mix this year has been weaker and we have seen material inflation in the current year. Similarly, the PBDIT margins have come down and this is a concern area for us. Come down to 16.4%, almost a dip of about 530 points. And this is something which has got a little bit accentuated. Because what we have seen is that there has been a little bit of a higher employee cost. If you remember, in Q1, we spoke about it, that we have increased our manning. But given the fact that the value growth has been lesser in Q2, basically that is where the percentage of the employee cost has gone up. Also, we have had larger sales expenses in terms of discounting we have looked at, given the intensity in the market. And that has impacted the PBDIT margins in Q2.

If you see at an H1 level, the sales is at a degrowth of about 5%, all the volumes are at about 3% upwards. However, we see similar decline in terms of the gross margins. At PBDIT levels also, we see basically almost 480 bps points, which is coming in from a larger quantum of Q2. The good part is that in terms of the PBDIT margins, we are still in that range of about 18.5%. And this is something which we are working on in terms of how we want to take it forward in two quarters of this year.

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At the Consol level, it follows a similar line, given the fact that the standalone numbers

contribute to a larger quantum of the overall business. Numbers are similar. Overall, 5% top line decline. There is 260 points decline in gross margins. And similar on PBDIT margins which we see at Q2 and what we see from an H1 perspective on the overall top line and the bottom line.

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We have an exceptional item in this quarter. We had taken White Teak and Weatherseal

two years back. What we have seen in the two years that we were able to get to the

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planned top line numbers. However, this year has been a larger impact. While we have grown in both segments, in terms of double digits, but it is not as per the plan we have. And we have also seen some erosion in terms of the bottom line. Therefore, I think we have taken an impairment, which is totalling up to almost about ₹ 200 crores. And this is also covering the fair valuation loss on the derivative contracts for future stake purchases in White Teak and Weatherseal which are in the offing.

From consolidated financials, there is an impairment on the goodwill on consolidation on White Teak which is about ₹ 124 crores. But we are committed to the business. We know that this year there has been a slowdown. We see that this is a very important part of our overall decor offering and that is something which we will see for the next 2 to 3 years in terms of how to build it up.

Another exceptional item is the forex loss in Ethiopia, where we are seeing almost about ₹ 56 crores impact which has come in given the significant currency devaluation which has happened. And this is something which has affected the consolidated financials in terms of an exception item which has come in.

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We have looked at really calibrating the overall dividend for the year. We have got a dividend of about ₹4.25. This is a little bit lower than what we gave as an interim dividend

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last year, but this is in line with the reduced profits in the first half of the year. And we will see how the final dividend accrues as we go forward.

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Coming to the outlook in terms of the demand conditions. Right now, you know we are sitting on a higher base of Q3 overall, given the fact that last year there was a late Diwali and October was a full month. So October has been also a little bit challenging and therefore we are not seeing too much immediate recovery in Q3, but there is a good wedding season in the offing and we will have to see how the demand really goes up from the third week of November.

The good part is that we have had good monsoons, and we are also seeing government spending go up with respect to the overall infrastructure market. Therefore, coupled with this, these two factors should really start aiding the overall demand, both in Q3 and Q4. We continue to invest in the core brand and strengthening the brand. We spoke about bringing the core corporate positioning back very strongly from a communication angle and today I think these are very strong imperatives. But there are challenges in the market. This is something which we will continue to build as we go forward.

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Industrial Business is doing well overall, and we have seen this as a trend. We want to increase the scale of our Industrial Business, both in the auto OE and the protective paint segment and that is something which we will continue to work on as we look forward.

From a global market, I think Asia and Africa are the focus markets. And that is something which we are looking forward, especially the Asia market, where the contribution to our business is higher. We are hoping that Bangladesh recovers a little bit to give overall numbers which are strong.

From a raw material point of view, as I said earlier, there is a whole element of volatility in crude. We are anticipating part deflation, but we will have to keep our fingers crossed in terms of seeing what really happens with the geopolitical scenario and how the crude prices behave as we move forward. So that's the overall outlook for the coming quarters.

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Just a brief slide in terms of very strong work which we have been doing in the whole area of sustainability, governance, and social areas. Our very strong focus comes in from freshwater replenishment where if you look at the numbers, they are very strong in terms of what we have been able to achieve in H1 FY25. These numbers are strong on all these facts, whether it is the hazardous waste or it is from an effluent generation, or even from the point of view of scope of emission reduction. I think one of the stars has been the

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renewable energy which is a very strong component which we have been able to take. And that is something which is giving us very strong help in terms of looking not only at sustainability but also at cost.

Some of the strong areas from a social perspective - health care initiatives and the whole training, which is a very strong imperative. We are looking at really upping the number in a very strong manner. We are looking at upping the ante in terms of the total number of trainings which we would like to do.

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Mihir Shah (Nomura):

My second question was on tinting machines. Usually, a dealer has a limitation of keeping maybe one, maybe two tinting machines. Can you share any market intelligence and how that is shaping up with the rest of the competition? Any reduction in dealers or shift in dealers you seeing or within the industry any change in the tinting machine the dealer is keeping that is that is being witnessed? Not really only for you, but for the industry as well.

Amit Syngle:

I think today the tinting machine has become a necessary ingredient of business. So very difficult for any kind of retailer to do a very strong business unless they have a tinting machine. What we are seeing, definitely as a trend is that there is a multiplicity of tinting machines happening at retailer end. And today, you know, the retailers are struggling with multiple machines which are coming to it because the newer trend, which we see, with some of the competition which has come in is that these machines are given free of cost. Given the fact that it is free of cost they are really sent to possibly all the dealers who are there in the market and that is what we have seen with newer competition. Given this impact, what we are seeing is that the machine requirements will always remain buoyant for the next, maybe 2 to 3 years. And with newer competition coming with more intensity coming, we will see more ingress of tinting machines happening at various counters. I think what will determine the success of the machine is basically how is the consumer demand going through various brands and what is basically the ROI of each machine which is coming at the counter.

Mihir Shah (Nomura):

Lastly on the business expense. So, staff cost has been meaningfully stepped up across all players. Is this more a number of more sales force being added or is it that overall cost structure is going up to prevent exits? And should one see the increase in staff cost as a precursor to higher ad spends maybe in coming years? We are not seeing that in the numbers yet. What is the kind of margin for the next few years. I heard the point you mentioned that you will try and maintain 18.5%, but over the next 2 to 3 years, what is the margin range you think should be a fair assumption for you?

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Amit Syngle:

As far as employee costs are concerned, as I mentioned in Q1 as well, I think the numbers have gone up because we are looking at possibly, in the front line catering to our dealers very strongly. We are adding almost about 5,000 to 8,000 retailers easily every year. And to that extent, we require numbers because given the fact that the larger model is direct to retail, we require more and more people to cater to the entire dealers. And given that today, if you see in Q2, the employee costs are also looking higher given the fact that we have a depressed top line, which is not in league in terms of what we had planned. And that is why the employee cost is looking higher in terms of what we see. But I think the moment the value growth comes back; I think it would fall in line. In fact, Q1 absolute cost of employees is the same as what was there in Q2. I think it is the percentage which has increased given the depressed top line.

On the second point, given the competitive intensity, last year if you see that we were almost at PBDIT levels of almost 21-22% and even higher given the higher deflation we saw. In this environment today, we have seen not only increase competitive intensity, but also seen inflation, which has come in the market. And given the product mix, which has also suffered, and the top line not being in line in terms of what we planned, I think it's taken a hit from that perspective. But I think the endeavour is definitely that we should kind of really keep it in that range.

Jaykumar Doshi (Kotak)

My question is are you carrying out channel inventory correction? That is perhaps resulted in weaker growth relative to peers in Q2 and your caution on Q3 as well. So are you consciously reducing channel inventory?

Amit Syngle:

I mentioned about the ROI. We have to be very conscious about that today. If you are pumping a larger inventory into the network, you will always land up weakening the ROI for the dealer to that extent, given the fact that working capital will get blocked. We are also seeing some amount of liquidity crunch which is happening in the market. We are very cautious in terms of what is the right inventory which should be there in the market

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Shirish Pardeshi (Centrum):

When we look at the housing data in the luxury and premium segment in the metros which has done well, while your commentary was saying that across all segments, we have seen the pain and also the builder segment has not done to the expectations. So just got curious, because this time you have not spoken specifically about the growth in the metros and T2, T3 markets because you used to always write about the growth. I was more curious the growth versus urban and rural growth.

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What it means is that you know yes, it impacts your margins, definitely, if you do higher discounting. But at the same time, it is a source of incentivization for the retailer to sell more. So that possibly, if you are compromising in terms of a little margin, that kind of gives you a higher increase sale so that you are able to balance the reduced margin from a point of view of higher sale.

Sachee Trivedi (Trident Capital):

A separate conversation with one of your new entrants in the industry, they highlighted that painter was probably the weakest link of all. There's a customer, there's a dealer, there's yourselves and then there is a painter. And the loyalty of the painter is probably not as well established because there's a lot of churns in the painted ecosystem. What

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are you doing to hang on to your painters and incentivize them to continue selling your products?

Amit Syngle:

We strongly believe that the painter loyalty is also a combination of consumer demand because most often if the consumer is insisting on a certain brand, the painter would not like to convert it because the consumer will start doubting the painter as to why is he converting the brand and that holds for the dealer as well. What we see is as a conjunction in terms of looking at both the point of view of consumer demand as well as contractor.

From a consumer point of view, we are looking at bringing back the corporate branding far more strongly so that we are able to get the person to buy into Asian Paints far more strongly. And that is one imperative which influences the contractor as well to use Asian Paints. We have various loyalty programs for our contractors, which are divided into various kind of incentivization, and the loyalty pans out to even giving higher business to the contractor as it goes ahead, because we believe that a higher business to a contractor earns you more loyalty than just a per litre rebate which anyone can match.

The second area what we keep looking at is enhancing the quality which you give to the painter. So, the painter is confident of using the product very strongly as we go ahead. And third is a proposition which can be different from what competition would give to the contractor. I think we use a multitude of triggers to really get the contractor loyalty, aided by a very strong, consumer demand pool which comes in.

Sachee Trivedi (Trident Capital):

If the demand does come through, whenever the demand comes through, are you actually hoping, are you set up for a very massive acceleration?

Amit Syngle:

Very difficult to answer that question because it's a question of how demand comes in, at what level it comes in. But what we are very sure is that all these initiatives definitely

42 | P a g e

impress on the consumer, the contractor, the dealer to sell more of you. Because the entire crux of the market is to get more excitement so that they are able to really convert that into a stronger demand.

Moderator:

I would now request Mr. Amit Syngle for his closing remarks.

Amit Syngle:

Thank you everyone for joining the Q2 earnings conference today. It was great speaking to all of you. We are looking forward to a better quarter that we can meet you next with and take your questions. Thank you.

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AI assistant

Asian Paints Ltd. — Call Transcript 2024

59121_rns_2024-11-14_63cb8c11-8108-46c0-be40-82f1c172307b.pdf

For ASIAN PAINTS LIMITED

R J JEYAMURUGAN CFO & COMPANY SECRETARY

ASIAN PAINTS

Q2 FY2025 Earnings Conference Call

Sunila Martis:

Amit Syngle:

Moderator:

Abneesh Roy (Nuvama):

Amit Syngle:

Abneesh Roy (Nuvama):

Amit Syngle:

Abneesh Roy (Nuvama):

Amit Syngle:

Abneesh Roy (Nuvama):

Amit Syngle:

Avi Mehta (Macquarie):

Amit Syngle:

Avi Mehta (Macquarie):

Amit Syngle:

Avi Mehta (Macquarie):

Amit Syngle:

Avi Mehta (Macquarie):

Amit Syngle:

Mihir Shah (Nomura):

Amit Syngle:

Mihir Shah (Nomura):

Amit Syngle:

Mihir Shah (Nomura):

Amit Syngle:

Jaykumar Doshi (Kotak)

Amit Syngle:

Jaykumar Doshi (Kotak):

Amit Syngle:

Jaykumar Doshi (Kotak):

Amit Syngle:

Jaykumar Doshi (Kotak):

Amit Syngle:

Jaykumar Doshi (Kotak):

Amit Syngle:

Aditya Soman (CLSA):

Amit Syngle:

Aditya Soman (CLSA):

Amit Syngle:

Shirish Pardeshi (Centrum):

Amit Syngle:

Shirish Pardeshi (Centrum):

Amit Syngle:

Shirish Pardeshi (Centrum):

Amit Syngle:

Sachee Trivedi (Trident Capital):

Amit Syngle:

Sachee Trivedi (Trident Capital):

Amit Syngle:

Sachee Trivedi (Trident Capital):

Amit Syngle:

Sachee Trivedi (Trident Capital):

Amit Syngle:

Sachee Trivedi (Trident Capital):

Amit Syngle:

Moderator:

Amit Syngle:

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Asian Paints Ltd. Call Transcript 2024