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Dolat Capital Report
Indigo Paints Ltd.'s revenue grew 43.6% YoY in Q1 mainly aided by price increases and double digit volume growth across categories. Revenue growth in Q1 FY23 was below Asian Paints Ltd. (up 54%), Berger Paints India Ltd. (up 53%) and Kansai Nerolac Paints Ltd. (up 46%).
Strong growth in emulsions (up 66%) and enamels and wood coating (up 38%) helped Indigo to post strong growth.
Despite commodity inflation, Indigo Paints' Ebitda margin expanded 280 bps, relatively better compared to Asian Paints (up 170 bps), Berger Paints (up 150 bps) and Kansai Nerolac Paints (down 110 bps).
Gross margin also remained flattish due to 20% plus price pass on. However, additional advertising and promotion spends augmented volumes, partially restricting margin expansion.
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