homebusiness Newscompanies NewsBerger Paints aims to grab 20% market share by 2023 end as construction activities pick up in non urban centres
Berger Paints aims to grab 20% market share by 2023-end as construction activities pick up in non-urban centres
Berger Paints has set an ambitious goal of crossing a market share of 20 percent by the end of this year. The company has been focusing on expanding its presence in non-urban centers, introducing eco-friendly products, and investing in technology to make its distribution system more efficient. With the quarter four volume and value growth seen in double digits, the company seems to be on track to achieve its goals.
Berger Paints, one of the leading paint manufacturers in India, is aiming to cross a market share of 20 percent by the end of this year. This ambitious goal was revealed by the company's MD and CEO, Abhijit Roy, in a recent interview with CNBC-TV18. The company has been steadily expanding its reach in the Indian market, and this target is a testament to its commitment to growth.
“Currently we are standing at around 19.4-19.5 percent market share but we should be able to cross the 20 percent mark hopefully next year,” he said.
Berger Paints has been focusing on expanding its presence in non-urban centers, and the efforts seem to be paying off.
According to Roy, the non-urban centers have started to do better in February, which is a positive sign for the company's growth prospects. The company has been targeting these regions with a range of affordable products, and it seems that the strategy is working.
The company's performance in the fourth quarter of the fiscal year has also been impressive. According to Roy, the company has seen double-digit volume and value growth in this period. This is a significant achievement, considering the challenging economic conditions caused by the pandemic.
“Quarter three had a very high base and that is why the growth rates were limited in quarter three of this year. however, quarter four is a normalized base and therefore we expect double digit volume growth and value growth in quarter four,” he said.
Berger Paints has been able to maintain its momentum, thanks to its innovative products, efficient operations, and customer-centric approach.
Berger Paints has been expanding its product portfolio with a focus on sustainability and innovation. The company has been introducing eco-friendly products that are not only better for the environment but also offer superior performance.
The company has also been investing in research and development to create new products that meet the evolving needs of customers.
Berger Paints has a strong distribution network, which includes over 25,000 dealers and retailers across India. The company has been investing in technology to make its distribution system more efficient and customer-friendly. It has launched an online platform that allows customers to purchase products and get them delivered to their doorstep.
The stock was down 2.23 percent in the last week and was up 3.14 percent in the past month.
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