Indigo Paints Q2 Review - Delivering On Promises & That's Good: ICICI Securities
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ICICI Securities Report
Indigo Paints Ltd.'s Q2 revenue growth of 26.7% is likely best in class (on LFL basis).
As a younger and challenger brand, consensus expects Indigo to deliver market leading growth and it is meeting (likely beating) it despite short-term headwinds, (1) lockdown in key market of Kerala in July 2021, (2) prolonged monsoon and (3) steep input cost inflation. Importantly, this is despite the headwind of industry context of "market leader behaving like a challenger" (see our report series 1,2,3).
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