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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.

    Sachin Pal
    Neha Gupta
    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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