Mixed Bag Volume disappoint but margins ahead of estimate. On a consolidated basis, revenues grew by just 10.9% yoy to Rs42.7bn (est: Rs46.4bn) while EBITDA increased by 17.7% yoy to Rs8.9bn in-line with our estimates and APAT at Rs5.5bn up by 21.6% yoy We estimate domestic decorative volume growth of c.6% as demand is yet to reach to pre GST levels and early festive season in Q2 impact Q3 volumes. Demand, particularly in...