Correction gave the buying opportunity in sirca paints?

Sirca Paints India, a prominent producer of paints and wood coatings, reported its earnings for the December quarter. The company’s stock price is currently at Rs 325, with a market capitalization of Rs 1,780 crore, and it has been rated as ‘Over-weight’.Although the earnings for Q3 FY24 were slightly below market expectations, the company managed to achieve an 11 percent year-on-year increase in revenue. This growth occurred despite various disruptions in the external business environment. Notably, the company experienced challenges such as a construction ban in Delhi NCR, an extended Diwali break, and a shortage of labor during the festive season.Despite these obstacles, Sirca Paints India demonstrated strong growth in its core Italian PU business. Additionally, the company continued to perform well in emerging product categories like Unico (mass market wood coating products), wall paints, and high-end decorative paints.