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Anand Rathi Report
Despite its strong performance, Kansai Nerolac Paints Ltd.'s Q1 decorative paints' volume growth was weaker, at 20% plus, than Asian Paints Ltd.'s ~35%.
However, it indicated some market-share gains in industrial paints, even after forgoing some low-margin business. It has yet to fully pass on higher input costs in industrial and automotive paints, which would drive margin improvement in coming quarters.
Further, its expansion to new businesses (construction chemicals), consistent innovation and portfolio premiumisation, supported by higher brand spends should gradually narrow the revenue growth gap with competition.
We are aligning our figures to reflect the healthier revenue momentum and weaker margins in FY23 (versus earlier projected).
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