Asian paints (APNT), is the market leader in the Indian paint manufacturing industry with a market share of ~53%. Q3FY20 revenue grew by 3% YoY (below estimate) due to poor realization despite double digit volume (~11% YoY). Higher volume of economy products, price cut of 0.25% and slowdown in economy impacted the growth. EBITDA margin improved by 96bps YoY to 21.9% due to benign material cost and lower other expenses....