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ICICI Direct Report
Berger Paints India Ltd.'s Q4 FY21 volume growth at 58% YoY (Q2:15%; Q3: 28%) is one of the best in the industry and much ahead of our expectation of 28%.
Apart from a favourable base, the decorative paints volume growth was largely driven by a pick-up in construction activity in Q4 and healthy growth in construction chemical (largely water proofing business).
On the other hand, a strong recovery in automotive sales helped a strong recovery in the performance of industrial paints (~15% of topline).
For FY21, overall volume growth came in at 15% despite a loss of sales in Q1.
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