Kansai Nerolac (KNPL) result was above expectation led by high double digit volume growth in decorative coatings. While, Industrial coatings business declined in Jul-Aug'20 but it witnessed growth in Sept'20 led by strong recovery in passenger vehicle and tractors. In International business, Nepal and Srilanka continued to face COVID related growth headwinds while Bangladesh reported high double digit growth. Benign raw material cost supported gross margin expansion for the 5th consecutive quarter. Strict control over cost aided EBITDA margin expansion. Based on revised business outlook; we have upgraded our EPS estimate for FY21-22E by 4-5%. Also, we have introduced...