Asian Paints (APNT) reported above expected revenue while higher than expected input cost inflation lead to in-line PAT. Overall both decorative and industrial coatings business grew at high double digit volume and value. Decorative coatings business benefited from continued strong demand momentum from tier 2/3/4 markets while demand from tier 1 and metros improved sequentially. In international market; Asia, Middle East and Africa recorded double digit volume growth. Input cost inflation led to sharp contraction in gross margin. However, strict control over cost and operating leverage benefits contributed towards EBITDA margin expansion. We maintain our...