We cut our EPS estimates for FY20 and FY21 by 6.3%-6.9% on the back of 1) uncertain demand environment in domestic market 2) deterioration in sales mix with higher sales of Putty, Tractor Distempers and emulsions.
Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 24.20 and Rs. 26.31 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 8% and 9% over 2017 to 2020E respectively.
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