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Prabhudas Lilladher Report
Kansai Nerolac Paints Ltd. registered strong volume growth led by recovery in metro and tier-I cities along with sustained growth in tier II, III, IV cities and rural towns.
The company gained due to higher gross margins, better product mix and judicious cost control, however we expect margins to soften due to firm raw material prices despite planned price increase across segments.
We remain positive in the long term story for the company led by decorative paints demand and gradual recovery in auto paints and emerging segments like powder coatings (appliances), infra coatings, transport/metros, rebar and Industrial applications.
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