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HDFC Securities Report
Asian Paints Ltd.'s Q2 FY21 revenue grew 5.9% YoY to Rs 53.5 billion (our estimate Rs 52.4 billion) as recovery was stronger than expected.
Decorative business volume grew 11% YoY underpinned by encouraging pick up in emulsions (low-end and luxury alike), undercoats and waterproofing.
Demand in Tier- 2/3/4 towns have passed the pre-Covid-19 level, and metros/Tier 1 cities continue to improve progressively (70-80% of pre-Covid-19 sales).
Gross margins expanded 197 basis points to 44.4% (in-line), aided by benign raw material prices and better sourcing efficiency.
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