Asian Paints (APL) reported outstanding results as revenues grew by 13.9% YoY (vs. our estimate of 8%) to Rs 41.6bn. The delayed start of the festive season in 3QFY16 (vs. 2QFY15) offset the negative impact caused by sluggish rural growth and price cuts. We are encouraged by APLs 3QFY16 performance, especially in a challenging environment.