Dolat Capital: Asian Paints - Continuous Improvement In Demand Exudes Confidence
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Dolat Capital Report
Asian Paints Ltd.’s Q2 FY21 revenues, Ebitda and adjusted profit after tax came ahead of our estimate as the demand normalisation was fast compared to our expectation.
The company witnessed 11% volume growth during the quarter.
International business posted strong improvement as Africa, Middle East, Sri Lanka, Bangladesh posted double digit growths; Nepal remains laggard.
We believe that the volume growth in the decorative segment should remain high, especially in rural areas, given better crop production this season.
Considering month on month improvement in demand, we believe that the growth rate would improve going ahead.
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