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Sirca Paints: Potential to continue its upward trend

The company’s growth trajectory looks satisfactory on the back of its stable financial track record, business strategy, and competitive market positioning.

March 17, 2023 / 09:49 AM IST
Sirca Paints: Potential to continue its upward trend

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

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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