AP-PPG Business Growth and Sustainability Report

ap asianpaints Gross Margin dipped on a sequential basis, impacted by higher inflation. Inflation which seemed to have moderated in Q4 LY, shot up again in Q1 APL Standalone Gross Margins 45.0% 45.4% ~15% inflation; ~3% price increase ~4% inflation; ~6% inflation; 43.6% 38.9% ~4% addn price increase ~6% inflation; ~15% addn price increase ~1% inflation ~2% addn price increase 39.7% 36.9% 37.9% 35.0% Q2FY21 Q3FY21 Q4FY21 Gross margin shown here is Gross contribution as a % of Net sales Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23

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