Asian Paints (APNT) result was below expectations. Volume growth was in double digit during Jan-Feb'20 followed by decline in Mar'20. The gap between value and volume growth rises as APNT strongly pushes bottom-of-the-pyramid products (margins are similar in both premium and value products). Gross margin expands for the 4th consecutive quarter led by deflationary raw material cost. Business lost during Apr'May'20 (before rainy season) is tough to win-back in 2HFY21 as re-painting demands are largely event driven (wedding, protection from leakage etc). However, since home will become important place to socialize, people would want their home to look beautiful. Hence, expect industry tailwinds to remain favorable. APNT has also...