Berger Paints 2QFY16 results came in line with our estimates. Revenues increased by 5.7% YoY to Rs 11.7bn, led by ~10% domestic volume growth (v/s 4-5% growth by Asian Paints). Overall growth was impacted by 4.4% YoY revenue decline in subsidiaries and 27% revenue de-growth in JV Berger Becker