Synopsis
• Following a slowdown in FY23, the domestic dye, dye intermediates, and pigment (D&P) industry showed signs of recovery in FY24, aligning with CARE Ratings’ expectations. The industry saw a revival in sales volume, ranging from 5-10%, and ~100 bps increases in operating profitability in FY24 (against CARE Ratings’ expectation of 5-7% volume growth and a 100-150 bps recovery in profit before interest, lease rentals, depreciation, and taxation [PBILDT] margin).
