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ICICI Direct Report
Kansai Nerolac Paints Ltd.'s Q3 FY21 performance was ahead of our estimate with overall volume growth coming in at approximately 20% YoY (versus our estimate 15%).
Though on a low base, industrial paint segment volume growth at ~19% (our estimate) was led by strong demand revival in automotive industry.
On the decorative front, volume growth at ~21% YoY was supported by strong festive demand from rural and semi urban regions.
Also, opening up of metro and tier-I cities aided volume growth during the period.
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