Berger Paints (BRGR) result was above expectations. BRGR outperformed competition (APNT, KNPL) on volume growth in decorative coating business by 200-600bp. General and industrial coating business improved sequentially driven by gradual unlocking and improvement in industrial activity. Demand from tier2-3-4 cities outperformed metro. Benign raw material cost, control over discretionary expenses and operating leverage supported gross/EBITDA margin expansion. Positively, BRGR has ramped up overall investments by 66% (to Rs 4.5bn) for capacity expansion in Lucknow plant which will be operational by Dec'21. Management expects 2HFY21 to be stronger driven by festivity...