Paints major AkzoNobel India, which has a strong presence in the premium coatings segment, would now focus more aggressively on the mass market, a senior company official said.
"We are looking at the mass market to drive growth of the decorative paints segment," AkzoNobel India MD Jayakumar Krishnaswamy told reporters after the company's AGM here today.
He said that the mass market was an avenue for achieving good growth and the company was making significant capacity enhancements at the decorative paints plant at Gwalior.
With GST on paints pegged at 28 per cent as compared to 25.1 per cent earlier, he said that there had been some disruptions in stocking by the trade.
The trade had downstocked significantly but the company did not stop production, he said.
The company was also in an advanced stage of completing the speciality powder plant co-housed at the Mumbai decorative production unit.
During the quarter ended June 2017-18, the company's net sales increased to Rs 783 crore from Rs 773 crore in the similar previous period.
Net profit during the quarter fell to Rs 41 crore in the quarter from Rs 64 crore in the similar corresponding period.
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