Sustained outperformance: continues to demonstrate strength

Company
11 Mar 2024
5 Min read 
  • Indigo Paints reported strong sales growth of 25.8% YoY, outperforming the industry.
  •  The company's volume growth remained strong across all segments.
  •  Gross margin expanded by 440bp YoY to 48.2% due to favorable raw material prices and product mix.
  •  EBITDA margin increased by 320bp YoY to 17.6%.
  •  The company is confident of achieving INR13.5-14b sales in FY24 and has targeted INR20b sales in FY25.
  •  The stock has a buy rating with a target price of INR1,800.
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