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ICICI Securities Report
Indigo Paints Ltd. has been investing in strategy 2.0 (focus on 750 non-metro towns and higher investments in distribution and influencers) since Q1 FY23.
Benefits are visible now with more than three times industry growth in Q1 FY24 and likely market share gains across segments. We continue to model benefits of strategy 2.0 in FY23-25 and also believe-
integration of Apple Chemie India Pvt Ltd. with Indigo’s supply chain and synergies in sourcing and distribution and
correction in commodity prices provide margin tailwinds.
It continues to strengthen distribution with addition of two depots, 197 dealers and 384 tinting machines in Q1 FY24. While we are enthused by strong performance of Indigo, we believe likely increase in competitive intensity post Grasim’s entry to impact industry profit pool. Maintain ''Reduce'.
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