Considering the present economic activity and demand scenario, we expect the business could face impact from local lockdowns in the coming quarter. Company's ability to manage cost inflation through price hikes, without affecting demand, needs to be closely monitored. The stock is currently trading at expensive valuation. Considering nearterm uncertainties, we maintain our REDUCE rating on the stock with a revised target price of Rs. 696 based on 60x FY23E adj. EPS. Slowdown in demand recovery affects sequential topline growth Berger Paints' Q4FY21 consolidated revenue declined 4.3% QoQ on slow pace of...