Asian Paints' (APL) profitability during Q4FY19 was largely hit by a change in product mix. The company reported volume growth of ~11% (I-direct estimate: 13%) largely driven by economy product range such as Distemper and Putty. Though the company took a price hike of ~6% in FY19, the change in product mix restricted value growth. As a result, gross margin declined ~170 bps YoY. In addition to this, higher fixed cost associated with new plants weigh on EBITDA margin, which declined ~233 bps YoY at 16.4%. Flattish PAT is attributable to higher depreciation and lower EBITDA...