JSW Paint Achieves Profitability, Targets Rs 5,000 Crore Sales in 2 Years
JSW Paints achieved a milestone by surpassing Rs 2,000 crore in operational revenue during FY24, marking its first operating profit since its establishment five years ago, revealed a senior company representative. Looking ahead, the JSW Group subsidiary targets a revenue of Rs 5,000 crore within the next two years. To achieve this goal, the company plans to bolster its retail footprint in the home décor segment while diversifying its product offerings in industrial coatings, according to Sundaresan AS, the Joint Managing Director & CEO.
JSW Paints, a new entrant in the fast-growing Indian paints industry, aims to grow much faster than the market. "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 said adding that JSW Paints is bringing new products into the market, expanding its reach and network and continuing to invest in building the brands.
JSW Paints aims to achieve Rs 5,000 crore in revenue within the next two years. Sundaresan said, "We believe it is possible. 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 the aspirational goals and working towards them systematically. So we believe it is possible", he added.
At present, JSW Paints boasts a network of 6,000 retailers nationwide and plans to extend this network in the future. The company has already allocated Rs 900 crore towards its decorative and industrial coating ventures. Speaking about the paints market, Sundaresan noted that it has consistently maintained double-digit growth over the past few decades and is projected to continue this trend. With ample room for new entrants, it remains a burgeoning market segment.
In the Indian paints market, several new players, including Aditya Birla Group, Pidilite, and others, have entered the segment in the last 4-5 years. "This is going to add more value to the industry, quality competition and new offerings", Sundaresan said. JSW Paints aims to make a 'significant difference' in its offerings and has achieved this milestone in a short time, despite losing two years to COVID.
"We have already faced the existing competition actively over the last five years. We believe JSW Paints will be able to face both the existing as well as new competition which is coming into the industry well with our approach and difference we can make in the industry", he said. Launched in May 2019, JSW Paints is part of the USD 24 billion JSW Group. The group's business interests include steel, energy, maritime infrastructure, defense, B2B e-commerce, realty, cement, sports, and venture capital.