Kansai Nerolac Paints announced Q1FY23 results:
- The company declared Net revenue of Rs 1944.6 crore, a growth of 47.1 % over the corresponding quarter of the previous year.
- EBIDTA was at Rs 255.6 crore, a growth of 34.7 % over the same quarter of the previous year.
- PAT was at Rs 162.9 crore, a growth of 37.0 % over the same quarter of the previous year.
Commenting on the results, Mr. Anuj Jain, Managing Director, Kansai Nerolac Paints Ltd said, “This quarter saw a healthy demand for both Decorative and Industrial Paints. There has been a revival in demand in Industrial led by increased demand in Automotive due to the gradual easing of the chip shortages.
While inflationary trend continued, towards the end of the quarter, there has been some softening of input prices for crude-based items which is yet to be reflected in derivatives. Rupee depreciated sharply during the quarter. Company has taken prices increase in Decorative and Industrial during the quarter and is in continued discussion with OEM customers for further price increase.
The company focused on selling a better product mix. It continued with the aggressive cost control program and judicious management of overheads.
Looking forward, with a forecast of a good monsoon, demand should remain healthy”.