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ICICI Securities Report
Berger Paints India Ltd. performed well in Q1 FY25 on key parameters of market share gains (plus 70 basis points YoY), better-thanguided Ebitda margin and net cash generation. However, we see multiple roadblocks in sustaining the outperformance:
intensifying competition,
necessity of higher brand investments and
low scope for further price hike amid weak consumer demand.
We believe any further price hike may impact demand equilibrium. The company aims to improve distribution network in underpenetrated regions with a focus on urban markets. New differentiated products have received positive response.
We note improved distribution network/differentiated products may aid in defending market share in the competitive business environment.
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