Kansai Nerolac reported a strong performance with ~15% YoY growth in decorative paint volumes in Q2FY21. The strong volume growth is attributable to intact demand from semi urban and rural regions along with continuous dealer additions (grew 4-5% in Q2FTY21). Further, demand for premium range of emulsions witnessed a strong recovery with the opening up of metro and tier 1 regions. The decorative segment value growth at 7% YoY was largely led by a change in product mix and dealer discount policies. On the industrial paint segment, while July-August witnessed a gradual...