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ICICI Securities Report
The value-for-money paints (Tractor Sparc of Asian Paints Ltd. and Soldier of Kansai Nerolac Paints Ltd.) are gaining market share from smaller/unorganised players - that's the insight from our conversations with dealers in Ahmedabad. They told us -
- there is more than 20% volume growth across all paint segments. While ancillary products are also growing well, the growth rate is tad lower than paints (surprising to us given the low base for these products in paint companies),
- there is strong off-take from projects as well as retail consumers,
- the unorganised players may recover to growth as large companies have cut trade schemes but smaller companies continue to offer higher trade margins
- there is no hike in paint prices and no new products were launched in past three months.
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