Berger Paints Q1 - Market Share Gains In Value-For-Money Emulsions, Putty, Waterproofing: ICICI Securities
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ICICI Securities Report
Berger Paints India Ltd.’s Q1 FY22 was stronger than consensus and our estimates.
We believe the company has continued to gain market shares in low priced emulsions, waterproofing and putty markets from smaller/ unorganised players.
Its revenue growth trajectory was slightly better than Asian Paints Ltd. but tad weaker than Kansai Nerolac Paints Ltd.
While we remain structurally positive on:
Berger Paints’ strong positioning in value-for-money paints,
established distribution network especially in East India,
aggressive growth strategy and innovation and
high probability of market share gains in ancillary segments such as waterproofing and putty,
we believe the premium valuations are unjustified.
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