ICICI Securities Ltd | Retail Equity Research Kansai Nerolac (KNL) reported Q1FY17 results with earnings growth of 33% YoY mainly driven by stronger margin expansion of 236 bps YoY. The company reported topline growth of ~7% YoY with ~11% volume growth as KNL has taken price cuts to pass on the benefit of raw material decline. The stronger volume growth can be attributed to a revival in demand in the decorative paint segment Operating margins expanded 236 bps to 17.8% with raw material...