Asian Paints revenue grew a mere 6.9% YoY to Rs 35.4bn. Impacted by sluggish demand environment, volumes grew a paltry ~4% YoY in the domestic decorative business. In addition, EBITDA margin expansion of 115bps YoY (15.8%) was well below expectation. APAT grew by 16.1% to Rs 3.4bn.