Berger Paints (BRGR) result was above expectations. BRGR continued to positively surprise on revenue growth similar to other paint companies. However, gross margin expansion has been inferior compared to competition due to adverse product mix and currency appreciation. Positively, management guides for gross margin expansion in ensuing quarters as the benefit of lower inventory cost start accruing to P&L.; Subsidiary performance optically looks better as decline in revenue has been less steeper compared to standalone numbers. This was due to inclusion of revenue from STP Ltd (which was acquired in Nov'19) in 1QFY21. Based on strong recovery in decorative...