We conducted channel checks of paint dealers across regions. Our interaction suggests that 1) 1Q has seen decent demand with QoQ improvement, however recovery remains slow 2) demand outlook remains positive led by lower inflation, interest rate cuts, tax reductions and normal monsoons. Asian Paints is experiencing a year-on-year decline in the West and South regions, sales in the East remained flat while north India sales trends show mid-high single digit growth. For Kansai Nerolac, the South market is weak, whereas other regions are performing well....