Mission Statement, Vision, & Core Values (2025) of Asian Paints Limited.

An Overview of Asian Paints Limited

General Summary of Asian Paints Limited

Asian Paints Limited, established in 1942, has emerged as a frontrunner in the decorative paints industry. Headquartered in Mumbai, India, it has successfully expanded its footprint across various international markets, including countries in the Middle East, Africa, and Southeast Asia. The company offers a broad range of products, encompassing decorative and industrial paints, wall coverings, and various related services.

As of 2024, Asian Paints reported a robust sales figure of approximately ₹28,000 crore, driven primarily by its decorative paints segment. The company’s diversified portfolio includes well-known brands such as Royal, Apex, and Tractor Emulsion, which cater to a wide array of consumer preferences.

Company's Financial Performance in Latest Financial Reports

In its latest financial report for the fiscal year ending March 2024, Asian Paints achieved record-breaking revenues, showcasing a remarkable growth trajectory. The company reported a total revenue of ₹28,800 crore, marking a year-on-year growth of 15%. The primary contributor to this growth was the decorative paints segment, which saw an impressive increase in volume and value sales.

In terms of profitability, Asian Paints reported a net profit of ₹4,500 crore, reflecting a net profit margin of approximately 15.6%. This growth can be attributed to effective cost management strategies and an increase in operational efficiency.

Introduction to Asian Paints as a Leader in the Industry

Asian Paints is recognized as one of the leading companies in the Indian paint industry, capturing a significant market share of approximately 50% in the decorative paints segment. The company has consistently been at the forefront of innovation, focusing on sustainable practices and the introduction of eco-friendly products to meet growing consumer environmental concerns.

The company’s extensive distribution network, comprising over 70,000 dealers and a strong retail presence, enables it to reach a diverse customer base effectively. This strategic positioning is a key factor in its persistent growth and market leadership.

To explore further the strategies that have propelled Asian Paints to this level of success, additional insights are provided below.

Mission Statement of Asian Paints Limited

Mission Statement of Asian Paints Limited

Asian Paints Limited's mission statement serves as a foundational guideline that shapes the company’s strategy and operations. The mission focuses on a commitment to delivering top-quality products and services, ensuring customer satisfaction, and enhancing the overall paint manufacturing process. In 2024, the mission statement emphasizes innovation, sustainability, and fulfilling the diverse needs of consumers.

Core Component 1: Commitment to Quality

The first core component of Asian Paints' mission statement is its unwavering commitment to quality. The company aims to deliver products that consistently meet high standards of performance and durability. Asian Paints is recognized for its research and development initiatives, which focus on utilizing advanced technologies to improve product efficacy.

• In 2023, Asian Paints reported a 12% increase in revenue, driven by strong demand for premium products.
• The company invested approximately INR 400 crore in R&D in the last fiscal year.
• Customer satisfaction surveys show a score of 88% regarding product quality.

Core Component 2: Customer-Centric Approach

The second core component is a customer-centric approach that drives Asian Paints to understand and fulfill the preferences and needs of its clientele. This dedication is evident through the comprehensive services offered, such as color consultancy and personalized customer experiences.

• In 2023, Asian Paints saw a **20%** increase in customer engagement through digital platforms.
• The launch of the online color consultancy service resulted in over 500,000 consultations within a year.
• Customer feedback indicates that **92%** of users are satisfied with the support services provided.

Core Component 3: Sustainable Practices

The third core component emphasizes sustainable business practices. Asian Paints is committed to reducing its environmental footprint by adopting eco-friendly production methods and sustainable sourcing.

• In 2023, the company achieved a reduction of 15% in CO2 emissions per unit of production.
• Asian Paints has pledged to source 100% of its wood-based materials from sustainable sources by 2025.
• In the last fiscal year, the company launched 10 new eco-friendly paint products.

Vision Statement of Asian Paints Limited

Vision Statement Overview

As of 2024, Asian Paints Limited's vision statement emphasizes its commitment to being the most trusted and preferred brand in the decorative paint segment. The company aims to achieve leadership in market share and customer satisfaction.

Market Leadership

Asian Paints strives to hold a market share of approximately 40% in the decorative paint segment in India. The company estimates revenues of around INR 26,000 crore for the fiscal year 2024.

Innovation and Sustainability

The vision involves continual innovation in product offerings. By 2024, the company plans to introduce a minimum of 10 new products with eco-friendly properties. This aligns with its sustainability goals, targeting a 20% reduction in carbon emissions across all operations by 2026.

Customer-Centric Approach

Asian Paints aims to enhance customer engagement through its digital platforms. The company has reported a growth of 35% in online sales in 2023. By 2024, the goal is to achieve a customer satisfaction score of over 90%.

Global Expansion

In alignment with its vision, Asian Paints plans to expand internationally, targeting markets in the Middle East and Africa. The company projected an investment of USD 100 million for global expansion initiatives by 2025.

Financial Performance Goals

Asian Paints aims to enhance overall profitability with a target operating profit margin of 16% for 2024. The company recorded a return on equity (ROE) of 25.5% in the last fiscal year, aiming for sustained performance.

Employee Engagement and Development

Asian Paints prioritizes employee engagement with a vision to enhance employee satisfaction scores by 10% in the upcoming year, aiming for a score above 85% by implementing various training programs.

Community Engagement

In 2024, the company aims to invest over INR 100 crore in various community development programs, focusing on education, health, and environment, thereby enhancing its corporate social responsibility initiatives.

Core Values of Asian Paints Limited

Customer Centricity

Asian Paints Limited places a strong emphasis on customer satisfaction and engagement as a core value. This reflects the company's commitment to understanding and meeting the evolving needs of its diverse clientele.

In FY 2022-2023, Asian Paints reported a robust 15% year-on-year growth in revenue, reaching approximately INR 25,000 crore. This growth was driven by a customer-centric approach that included innovative product launches and enhanced customer service initiatives.

The company launched the 'Namakajeevan' initiative in 2024, aimed at collecting direct feedback from customers through various touchpoints, including social media and in-store interactions. This program led to a 25% increase in customer satisfaction ratings compared to the previous year.

Innovation

Innovation is at the heart of Asian Paints' operational strategy, fostering continuous improvement and creativity in product development and market engagement.

The company allocated INR 200 crore for research and development in FY 2023-2024. During this period, Asian Paints introduced over 50 new products featuring eco-friendly formulations and advanced technology, enhancing its competitive edge in the market.

Moreover, the 'Asian Paints Colour Academy' expanded its reach, offering over 100 workshops across India, educating more than 10,000 professionals in the field of color and design, showcasing the company's commitment to innovation in services as well.

Integrity

Integrity forms the backbone of Asian Paints’ values, ensuring transparency and ethical conduct in all business operations.

The company's adherence to ethical practices is evident in its compliance with the UN Global Compact principles. In 2023, Asian Paints achieved a 100% compliance rate in its sustainability and corporate governance audits.

Furthermore, the company implemented the 'Integrity First' program, which trained employees on ethical decision-making and compliance, resulting in a 30% decrease in reported compliance incidents over the past year.

Teamwork

Teamwork is essential for fostering a collaborative workplace culture at Asian Paints, driving operational efficiency and innovation.

In 2024, Asian Paints launched the 'One Team' initiative, which enhanced cross-functional collaboration. This initiative contributed to a 20% increase in project completion speed across various departments, significantly enhancing productivity.

Additionally, employee engagement surveys indicated that 85% of staff felt a stronger sense of collaboration within their teams, attributed to the focused teamwork programs initiated by the company.

Respect for People

Respect for people is a core principle, emphasizing the importance of diversity, equity, and inclusion within the workplace.

Asian Paints has adopted a comprehensive diversity initiative, aiming for a 30% increase in female representation at managerial levels by 2025. Currently, women comprise 25% of leadership roles, up from 20% in the previous year.

To foster a supportive work environment, the company launched the 'Voice of Employee' platform, which received over 5,000 suggestions for workplace improvement from employees in 2023 alone.