Berger Paints (BRGR) result was below expectations. Revenue on standalone basis declined at a higher rate compared to Asian Paints (APNT) largely due to higher stress in industrial coatings. However, on consolidated basis, Berger outperformed APNT led by (i) strong performance of a subsidiary in Poland (41% international revenue share, 4% PAT margin) led by higher exposure to external insulation and construction projects business which were not subject to lock-down (ii) inclusion of STP LTD revenue (acquired in Nov'19). Gross margin expansion is likely to sustain led by deflationary raw material cost trend. Only 10% of raw material is imported from China, hence no...