APL's high-volume trajectory continues with strong ~13-14% growth during Q1FY19. The performance was impressive considering further reduction in volume growth gap between APL and Kansai. In FY18 APL reported lower volume growth compared to Berger and Kansai. We believe that the improvement in the volume growth was primarily due to improvement in the rural growth. Going ahead, we believe that the growth momentum in the paints industry would sustain considering - (1) Overall paint industry to boom from better monsoon (2) favorable base (3) rural stimulus pre-election and (4)...