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IDBI Capital Report
Berger Paints India Ltd. result was above expectations. The company outperformed competition on volume growth in decorative coating business by 200-600 basis point.
General and industrial coating business improved sequentially driven by gradual unlocking and improvement in industrial activity.
Demand from tier two-three-four cities outperformed metro.
Benign raw material cost, control over discretionary expenses and operating leverage supported gross/Ebitda margin expansion.
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