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ICICI Securities Report
Berger Paints India Ltd.'s revenue growth of 53.4% YoY was largely in line with its peers Asian Paints Ltd. (54.1%) and Kansai Nerolac Paints Ltd. (46.2%).
While it has maintained market shares on three-year compound annual growth rate basis, we believe it has lost some market shares in North India in past two-three quarters.
In our view, Berger Paints is likely to face higher competitive pressures than peers as the competitors are likely to roll out products more in North and East India (key regions of Berger).
JK Cement is strong in North India. Kansai Nerolac (~50% sales in North India) also plans to increase its share of voice. Sirca, Shalimar and Kamdhenu are present largely in North India. We also believe increase in competitive pressures will drive innovation in industry and may impact companies operating largely in value-for-money products.
We raise FY23-24 estimates to factor in Q1 FY23 and correction in input prices.
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