Indigo Paints has chalked out a strategy to grow at double the rate of industry growth in next two years. For this, the company will focus on tier 1 and 2 cities along with tier 3 and 4 cities to derive maximum growth. In the past, the company had largely focused on tier 3 and 4 towns to achieve it growth.
The company has identified 750 cities and towns (excluding metro cities) to focus on to achieve its objective. The company also plans to improve output per store via engaging aggressively with influencer, that is, painter, community.
Meanwhile, the company has expanded dealer and tinting machine network by 19% and 30%, respectively, in the just concluded financial year. Its tinting machine count has now increased to 7,101. The penetration of tinting machines stands at 45% at March 2022.
It has also opened up three new depots at Hubli, New Delhi and Himachal which will help the company to cover some gaps in distribution. Further, the company has introduced differentiated paint for bathroom and kitchen which helps to reduce odour and plans to introduce more such ‘category-creator’ products in FY23. The company is also planning to roll out new products through wholesale channel selectively.
In the fourth quarter, Indigo has largely maintained its market share in paints with volume growth in-line with the industry.