What GST 2.0 means for you: Two slabs, lower taxes by Diwali- how will it impact your wallet
PM Modi's double Diwali promise, says next-generation GST with much lower taxes soon
PM Modi's double Diwali promise, says next-generation GST with much lower taxes soon
New Tax regime 2025: Here's how much you are going to save from FM's ₹12L booster dose| Explained
New Tax regime 2025: Here's how much you are going to save from FM's ₹12L booster dose| Explained
New Income Tax Bill clears Lok Sabha: Key changes you must know
New Income Tax Bill clears Lok Sabha: Key changes you must know
New Income Tax Bill 2025 proposes major simplification; Reduces sections, chapters, and word count
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Mint
5 minutes ago
- Mint
Early monsoon, intense competition dampen paint companies growth in Jun qtr
New Delhi, Aug 17 (PTI) The early arrival of the monsoon this year and intense competition from new market entrants with aggressive pricing adversely impacted the June quarter earnings of leading paint makers. However, the top four listed paint makers, including Asian Paints, Berger Paints, Kansai Nerolac Paints and Akzo Nobel India, reported some sequential improvement, especially from the urban market, along with improvement in sales realisation due to price rise. Moreover, as Diwali is slightly ahead compared to last year, paint manufacturers expect a better performance in August and September. Asian Paints, the largest company in the sector, said the early monsoon was a bit of a dampener, which affected some of its business. "In April and May, the demand was better, but it was strongly impacted by the early monsoon. However, I think the silver lining was that we saw some shoots of demand coming up in urban areas, which were down, and we hope that it continues as we go ahead," Asian Paints Managing Director and CEO Amit Syngle said in the earnings conference call. While terming the overall competition in the market as "intense", Syngle said, "a lot of new competition coming in, existing competition also being strong". In the decor business, the segment witnessed intense competition due to the arrival of new players, he said, adding that Asian Paints' volume growth has been decent. "We have got about 3.9 per cent volume growth over the Q1 of last year, which was also at about 7.1 per cent volume growth. When we look at the value number, the value is just about -1.2 per cent. So, just falling short of possibly hitting the base," he added. On a standalone basis, which mainly includes domestic numbers, Asian Paints' revenue from sales slipped 1.19 per cent to ₹ 7,848.83 crore in the June quarter. Berger Paints recorded a 'mid-single digit' volume growth in the June quarter. The "growth was moderated by heavier than expected monsoon towards the end of May and June," said its Managing Director and CEO Abhijit Roy in the earnings call. "So, it started a bit early this time by the end of May, which was a surprise. Across many markets, it was quite intense in some parts of the a result of that, in paint, it (purchase) gets postponed." Berger Paints reported an 11 per cent decline in its consolidated net profit to ₹ 315 crore for the June Quarter of FY26. However, its revenue from operations inched up 3.55 per cent to ₹ 3,200.76 crore. "The decorative segment delivered mid single-digit volume growth. The volume value gap narrowed, driven by improved mix and waning impact of price, and prior price corrections," Roy said. Similarly, Kansai Nerolac also pointed out that an early onset of monsoon impacted its May sales. "Overall, monsoon in many places has caused some disturbances that have led to this temporary, I would say, stoppages, especially in the area of projects as well as some part of retail," its Managing Director Pravin Chaudhari said in the earnings conference call. The project and institutional business has done well, though "not as per our expectation because of this monsoon, which impacted the segment, and it has grown mid-single digit," he noted. However, exterior texture and waterproofing have seen good growth in the June quarter, he added. Chaudhari said rural demand is quite stable as of now, and there is a slight uptick in urban demand. However, he is still not sure whether that will continue the momentum. On the outlook, he said, "Construction activity based on whatever we saw in the month of June, we believe that Q2 should be better as far as decorative is concerned. It is also due to our Diwali being slightly ahead of time than last year. I think we will have a season. August and be better than what it was last year". Kansai Nerolac Paints reported a 4.12 per cent fall in its consolidated net profit to ₹ 215.6 crore for the June quarter, while its revenue from operations increased 1.35 per cent to ₹ 2,162.03 crore. Similarly, Akzo Nobel India, in which JSW Paints is acquiring a 74 per cent stake, reported a 20.6 per cent drop in consolidated net profit to ₹ 91 crore in the June quarter. Its revenue from operations slipped 4 per cent to ₹ 995.1 crore from ₹ 1,036.3 crore in the year-ago period. The company had a "stressed quarter" due to the muted consumer sentiment and competitive intensity. Replying to a query over the sectoral competition during the earnings Webinar, Akzo Nobel India CMD Rajiv Rajgopal said the top four listed players' revenue growth is "pretty flattish". "If you take the last three, four quarters, with 52 per cent of the industry having a decline, right? So, obviously, it was a decline. But, I think things are that is what you heard from all my peers, from all my counterparts, and that is fairly indicative," said Rajgopal. "The biggest battle we were having was with the newcomer, who obviously put in a lot of volume and revenue into the market." The Indian paint industry, which is estimated to be around ₹ 75,000 crore, is led by Asian Paints. Besides Berger, Kansai Nerolac, Akzo Nobel India (Dulux), Indigo Paints, Shalimar Paints, and Nippon Paints are other major brands.
Time of India
5 minutes ago
- Time of India
Rahul Gandhi's 'Vote Adhikar Yatra' starts from Sasaram in Bihar
With Bihar gearing up for assembly elections, Leader of Opposition in Lok Sabha Rahul Gandhi is all set to launch 'Vote Adhikar Yatra' from Sasaram in Rohtas district on Sunday, to highlight the championing electoral reforms and exposing alleged in voter list through the special intensive revision (SIR). After landing at Sasaram, Rahul will visit Suara Aerodrome Ground near Sasaram, where he will address a public meeting and meet people from Tribal community. Later in the day, he will hold a roadshow at Dehri-on-Sone and start his 'Pad Yatra'. Show more Show less
New Indian Express
19 minutes ago
- New Indian Express
Rahul Gandhi's 'Vote Adhikar Yatra' starts from Sasaram in Bihar
PATNA: With Bihar gearing up for assembly elections, Leader of Opposition in Lok Sabha Rahul Gandhi is all set to launch 'Vote Adhikar Yatra' from Sasaram in Rohtas district on Sunday, to highlight the championing electoral reforms and exposing alleged in voter list through the special intensive revision (SIR). After landing at Sasaram, Rahul will visit Suara Aerodrome Ground near Sasaram, where he will address a public meeting and meet people from Tribal community. Later in the day, he will hold a roadshow at Dehri-on-Sone and start his 'Pad Yatra'. The 16-day Yatra, aimed at championing electoral reforms and exposing alleged in voter list through special intensive revision (SIR), will culminate in a grand rally in Patna on September 1. Leaders of INDIA bloc partners, including Tejashwi Prasad Yadav (RJD) and Dipankar Bhattacharya (CPI-ML), are expected to join the yatra. The Yatra will cover districts, including Gaya, Nawada, Sheikhpura, Lakhisarai, Munger, Katihar, Purnea, Supaul, Madhubani, Darbhanga, Sitamarhi, West Champaran, Saran, Bhojpur and Patna. On September 1, a mega Voter Adhikar Rally is scheduled to be held at Gandhi Maidan in the state capital, which will be attended by INDIA bloc leaders. Former Bihar Congress chief Alkhilesh Prasad Singh said that all necessary formalities like permission for landing of chopper and ground for public meeting have already been completed for the proposed 'Vote Adhikar Yatra'. Singh, who is a Rajya Sabha member, said that the Yatra will build a tempo in favour of Opposition INDIA bloc ahead of assembly elections in Bihar scheduled to be held in October-November. The Opposition alleged that SIR launched by Election Commission led to deletion of names of 65 lakh electors in state. 'EC's special intensive revision is a deliberate design to tamper with votes, disproportionately affecting backward, Muslim communities and migrant workers,' said Bihar Congress president Rajesh Kumar. He further said that on August 18, Rahul will start pad yatra which will pass through Dev Road Amba in Kutumba assembly constituency, covering Aurangabad district. On Saturday, Rahul on X said, 'Sixteen days, 20-plus districts, 1,300-plus kilometres. We are coming among the people with voter rights yatra. This is the right to protect the most fundamental democratic right'-'one person, one vote'. Join us to save the Constitution.'
