The decorative paint volume reported strong double digit growth in the first two months of January-February 2020 led by demand recovery. However, the lockdown in March 2020 limited volume growth at 2% YoY for Q4FY20 (~11% for FY20). The performance of the industrial business remained under pressure due to slowdown in the automotive industry. According to the company, the rural, suburban regions witnessed a faster recovery in demand. However, demand from metro regions remained low due to lockdown (they also contribute ~50% of sales). We expect a gradual...