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IDBI Capital: Berger Paints Q2 - Positive Surprise; Expensive Valuation

IDBI Capital: Berger Paints’ Positive Surprise; Expensive Valuation

Sticks identifying the city associated with the paint color sit in cups at manufacturing facility (Photographer Ari Lindquist/Bloomberg)
Sticks identifying the city associated with the paint color sit in cups at manufacturing facility (Photographer Ari Lindquist/Bloomberg)

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IDBI Capital Report

Berger Paints India Ltd. result was above expectations. The company outperformed competition on volume growth in decorative coating business by 200-600 basis point.

General and industrial coating business improved sequentially driven by gradual unlocking and improvement in industrial activity.

Demand from tier two-three-four cities outperformed metro.

Benign raw material cost, control over discretionary expenses and operating leverage supported gross/Ebitda margin expansion.

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IDBI Capital Berger Paints Q2FY21 Result Update.pdf

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