APL's decorative volume growth at ~15%YoY was much higher than our expectation of ~11%. This was driven by 1) strategic dealer push, 2) low base (due to dealer de-stocking in Q1FY19 owing to GST rate cut, 3) strong demand from rural India and 4) market share gain in bottom of the pyramid products post implementation of GST. We model volume growth of ~14% for FY19-21E (lower than ~15% of Q1FY20) owing to intact demand from...