Kansai Nerolac Paints Q1 results: Profit at Rs 111.38 cr

03 Aug 2021 CW Team

Kansai Nerolac Paints Limited announced on Friday that its consolidated net profit for the first quarter ended June 2021 increased by more than threefold to Rs 111.38 crore.

Kansai Nerolac said in a BSE filing that the company made a net profit of Rs 29.64 crore in the April-June quarter last year.

Its total revenue from operations increased by more than two fold to Rs 1,397.20 crore in the current quarter, compared to Rs 631.37 crore in the previous year's corresponding three months.

H M Bharuka, Vice Chairman and Managing Director of Kansai Nerolac Paints told the media that the quarter got off to a fantastic start. With the announcement of the lockdown in several states at the end of April, demand in both Decorative and Industrial was impacted once more in April and May.

Once the restrictions were lifted in June, there was a surge in decorative demand. The demand for industrial goods has remained stifled.

Kansai Nerolac's total expenses were Rs 1,260.62 crore, up 108.18 % from Rs 605.53 crore in Q1 of FY 2021-22.

According to the company, raw material prices have continued to harden in recent quarters, resulting in extremely high inflation and supply constraints.

Kansai Nerolac told the media that the forex markets remained tumultuous. In Decorative, the company has raised prices in part. In the industrial sector, the company has raised prices and is continuing to do so to offset the impact of inflation. The company concentrated on selling a better product mix while maintaining an aggressive cost-cutting programme and prudent overhead management.

The drop in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) has been contained as a result of these actions.

Kansai Nerolac Paints Limited stock closed at Rs 626.10 on the BSE on Friday, up 1.11 % from the previous close.

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