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Motilal Oswal Report
Indigo Paints Ltd. reported in line sales, but Ebitda margin surprised positively in Q4 FY22.
The sequential improvement in gross margin over the past two quarters is a trend that will continue going forward. While volume growth in Q4 FY22 was affected by the advancement of purchases in October-November 2021, ahead of the price increases in December 2021, growth has resumed in April-May 2022.
In H1 FY23, Indigo Paints is likely to gain from a low base, especially in Kerala, which was the most affected by the second Covid-19 wave in FY22.
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