Asian Paints Ltd (APL) reported subdued numbers for Q2FY19, below our expectation. Its revenue grew by 8.5% yoy driven by volume growth across various products. Its EBITDA and PAT de-grew by 2% and 3.8% yoy respectively on back of higher input costs and higher interest expense. Further, both EBITDA and PAT margins declined by 184 bps and 140 bps yoy.