Asian Paints (APNT) posted 1%/2% YoY decline in consolidated/standalonerevenue in 4QFY24, with decorative volume growth at 10% YoY (vs. est.9%). The value-to-volume gap expanded to ~12% in 4Q from ~7% in3QFY24. Revenue growth was hit by price cuts (~3.5% in 4Q), and anunfavorable product mix (subdued growth of the premium segment).