Updated January 30th, 2024 at 17:55 IST
JSW Paints targets Rs 2,000 crore revenue, eyes profitability in FY24
The unlisted entity aims to surpass Rs 2,000 crore in revenue by the fiscal year-end, as per an official statement.
JSW Paints target: JSW Paints, a subsidiary of the JSW Group, reported revenues of Rs 1,500 crore in the first nine months of the fiscal year 2024 and is optimistic about achieving profitability by the end of the current fiscal year. According to an official release, the unlisted firm hopes to generate more than Rs 2,000 crore in income by the end of the fiscal year.
The company, which concluded fiscal year 2022 with Rs 1,000 crore in revenue, is making substantial strides in the paints category. The sector has witnessed significant investments from conglomerates like JSW and the Aditya Birla Group, challenging the long-standing dominance of companies like Asian Paints.
Additional revenue expected
JSW Paints expressed confidence in achieving an additional Rs 1,000 crore in revenue within a shorter timeframe. Managing Director Parth Jindal attributed this success to the rapid establishment of a Rs 2,000 crore yearly revenue run rate, particularly after introducing water-based offerings.
The company highlighted its commitment to expansion by adding 2,000 retailers annually. This strategic approach aligns with JSW Paints' ambitious goals in a competitive market, as it aims not only to bolster revenues but also to secure profitability within the current fiscal year. The paints sector is witnessing intensified competition and increased investment, setting the stage for dynamic growth and market share battles among industry players.
(with PTI inputs)
Published January 30th, 2024 at 17:55 IST