Akzo Nobel Chairman & Managing Director Rajiv Rajgopal Highlights Robust Performance and Future Goals
NEW DELHI: Akzo Nobel India, a leading player in the Indian paints and coatings industry, has demonstrated remarkable growth and resilience in the face of evolving market dynamics. Rajiv Rajgopal, Chairman & Managing Director, shares insights into the company’s achievements, strategic focus, and commitment to sustainability in his message in Annual Report for the FY 2023-24.
Vibrant Growth in the Indian Paints and Coatings Industry
The Indian paints and coatings industry has shown vibrant growth, driven by increased government focus on affordable housing, infrastructure development, robust real estate demand, higher per capita incomes, and the rise of new consumers in tier 3 and beyond geographies. “These factors have contributed to a robust sectoral growth outlook, attracting new entrants and reinforcing our company’s strength in meeting the requirements and expectations of Viksit Bharat,” said Rajgopal.
Record Performance and Continued Momentum
Akzo Nobel India has achieved record performance for the third consecutive year, closing FY’24 with new highs in revenue, gross margin, EBIT from operations, and Profit After Tax. “Our double-digit profitable momentum has gained further traction during FY’24, highlighting our commitment to sustainable growth,” noted Rajgopal. The company’s milestone 70th anniversary underscores its integral contribution to India’s transformation, not just through its products but also through impactful CSR initiatives.
India – The Epicenter of the New Global Order
The global economy is projected to maintain a growth pace of 3.2 percent in 2024 and 2025, with India emerging as one of the fastest-growing economies. “India’s transition to the fifth-largest economy with massive investments in digital and physical infrastructure lays the foundation for Viksit Bharat,” stated Rajgopal. Akzo Nobel India’s 70-year journey has been marked by significant contributions to various sectors, reflecting its role in India’s growth story.
Opportunities in the Indian Paint and Coatings Industry
The Indian paints and coatings industry continues to thrive with new investments and sustained demand from various segments. “Our wide range of sustainability-driven innovations, including iconic global brands like Dulux and Sikkens, protects and beautifies homes and infrastructure, touching lives daily,” said Rajgopal. Akzo Nobel India’s commitment to CSR initiatives, such as Project Indradhanush, promotes micro-entrepreneurship among rural women, further contributing to community development.
Sustainability and Innovation at the Core
Sustainability and innovation remain high on Akzo Nobel India’s strategic agenda. “Our pioneering products, such as Interpon D 3020 and International HullCare, help customers become more efficient with reduced carbon emissions,” emphasized Rajgopal. Digital transformation is also enriching the customer experience and improving operational efficiency, aligning with the company’s sustainability goals.
Commitment to a Sustainable Future
Akzo Nobel India’s sustainability efforts prioritize producing durable solutions in a more sustainable manner, with nearly 65% of raw materials sustainably sourced. “We are committed to helping our customers become more sustainable, with 33% of our portfolio comprising EPD-certified products,” highlighted Rajgopal. The company’s DE&I-focused CSR programs in education, vocational skill training, and community healthcare have significantly benefitted local communities.
Recognition and Future Outlook
Akzo Nobel India’s robust corporate governance practices were validated with the Gold Award for Excellence in Business Responsibility and Sustainable Reporting from the Institute of Chartered Accountants of India. “Our sustained dividend payout and strong performance reflect our commitment to creating long-term value for our shareholders,” said Rajgopal. As Akzo Nobel India enters FY’25 with confidence, it remains future-ready to win the hearts and minds of Indian consumers with its differentiated strategy and innovation focus.
Conclusion
Rajiv Rajgopal expressed gratitude to shareholders, customers, suppliers, distributors, painters, regulators, and employees for their support. “With your continued support in FY’25 and beyond, we are excited and committed to delivering strong performance and further building on our profitable growth momentum,” he concluded. Akzo Nobel India’s journey of 70 years stands as a testament to its resilience, innovation, and dedication to sustainable growth.
(India CSR)
