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ICICI Securities Report
Akzo Nobel India Ltd.'s (revenues up 25%) outperformed peers - Asian Paints Ltd. (up 19.4%), Kansai Nerolac Paints Ltd. (up 19.2%) and Indigo Paints Ltd. (up 23.7%).
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It was broad-based revenue growth (decoratives, industrials, automotive), in our opinion. What's pleasing for longstanding believers like us is the sustained market share gains despite inflationary pressures and prolonged rains (it has high salience in exterior paints).
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Akzo Nobel India's marketing efforts provides growth visibility -
relaunch of Velvet Touch (after attempting Ambiance from global portfolio),
early success in waterproofing,
economy emulsions.
Another growth driver is it's expanding distribution touch points (600-800 outlets per quarter / ~15% gross addition per annum). We reckon it has significantly upped brand spends (other expenditure up 27%).
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