Revenues grew 4.3% YoY to Rs 13.8bn in Q2FY21, in line with market leader. Positive growth in Q2 after double digit decline of 60% in Q1 was encouraging. Growth from smaller towns outpaced metros/tier 1. The decorative business witnessed double digit volume growth (~+15%) during the quarter- strong performance as APL reported similar improvement. However, industrial sales continued to remain under pressure, and saw gradual recovery in September'20. As RM costs were lower due to fall in crude oil derivatives, GM expanded...