Higher demand and volume growth helped Berger Paints somewhat mitigate impact of input costs on its operational performance during the quarter. Company has also recently hiked prices to pass on the increase in cost of materials to consumers. With improved outlook, we upgrade our rating on the stock to HOLD with a rolled forward target price of Rs. 835 based on 60x FY24E adj. EPS. Recovery in demand and volumes drive topline growth Berger Paints reported 23.7% QoQ increase in Q2FY22 revenue to Rs. 2,225cr (+27.7%...