Akzo Nobel India - The ‘Show’ Begins In 2021: ICICI Securities
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ICICI Securities Report
Akzo Nobel India Ltd.'s revenue growth of 6.5% in Q3 FY21 was underwhelming.
That said, we reckon that decorative volume growth was more than 20% - a significant trajectory improvement.
It delivered highest-ever Ebit in Q3 and we forecast the trend to continue into CY20-22e.
In Q3 FY21, most customer segments except oil and gas and power reported healthy growth.
It has continued to roll out research and development backed products with the launch of Dulux Professional Weathershield Anti-Carb in Q3 FY21 which is expected to benefit with the uptick in infrastructure and capex.
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