Investor Presentaiton

Market Conditions ❖Covid cases in India still rising, but pace seems to have peaked Real GDP shrinking by 23.9% in Q1 on expected lines ❖Demand recovery acceleration witnessed across sectors in Q2 led by progressive "unlock" phases by Central & State Governments ❖ Supply side concerns easing incrementally Pent up demand supporting the September quarter across industries Recent releases on IIP print in line with this recovery ❖August reporting -8% y-o-y growth compared to -16% in June and -11% in July Headline inflation (CPI clocking 7.34% for Sep’20) continues to remain elevated driven by food articles Industrial input prices, though, remain largely stable Foreign exchange movement (USD - INR) supportive in the second quarter ap asianpaints

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