Asian Paints (APNT) above expectation result was driven by volume growth during Jun'20 (at 14% YoY). Management believe this is led by fresh painting and not pent-up demand), has been a positive surprise. Safe painting campaign and promotion of Royal Health Shield has been extremely successful in addressing safety-concerns of customers. Positively, waterproofing continues to grow at a faster rate compared to decorative. Even performance of international subsidiaries witnessed double digit volume growth during Jun'20. In the light of current performance and management's confidence in execution, we change our estimates upwards with a revised TP of Rs...