Indigo Paints (INDIGOPN) delivered strong double-digit sales growth in 3QFY22, driven by sharp price hikes taken to offset the high RM inflation. Even as sales and gross margins were in line with our expectations, EBITDA margins were better than expected. This was despite the high A&P spends in the quarter on account of the IPL. The management is upbeat about the 4Q outlook as traditionally the company has seen the highest salience during this quarter, with higher sales for differentiated products. The recent price hikes would further aid...