Highlights: Top line grew by 23 percent, driven by growth across segments Contraction in operating margin due to multiple headwinds Continuing to add product categories to expand total addressable market Trades at 30 times FY24E Wood coatings manufacturer Sirca Paints India reported a good Q3FY23 performance as revenue growth came marginally above our expectations, but profitability lost some ground, owing to multiple headwinds. The latest quarterly results turned out to be a validation of the existing business trend -- some positive, some negative. Q3 results...
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