Asian Paints (APL) posted sales growth of ~10% YoY driven by strong domestic and international performance. It reported strong volume growth of ~12% supported by strong demand from tier II and tier III cities. We believe realisation has declined ~2% YoY mainly because 1) the company has passed on the benefit of lower raw material prices and 2) a change in the product mix Raw material prices as a percent of sales declined 457 bps YoY due to benign raw material prices while other expenses increased 130...