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ICICI Direct Report
Asian Paints Ltd. reported stellar numbers with one of the best quarterly Ebitda margins in Q2 FY21.
The Ebitda margin at 23.6%, up approximately 470 basis points YoY led by benign raw material prices and savings in other expenditure in Q2 FY21.
On the revenue front, sales growth at approximately 6% YoY was led by double digit (our estimate approximately 10%) volume growth in Q2 FY21.
Despite being a lean season on account of monsoons, the strong decorative volume growth is attributable to significant pent up demand in rural and semi-urban regions led by repainting/maintenance activities.
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