Kansai Nerolac Paints Ltd released its fiscal second quarter earnings with profit at Rs 122.79 crore, registering a decline of 30.7 per cent in comparison to Rs 177.15 crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 1951.37 crore, marginally lower than Rs 1956.54 crore reported during the same period of previous financial year. The company EBITDA stood at Rs 212 crore, up 22.4 per cent on-year.
The company said that the margin was affected due to change in mix and ongoing investments in capability building for the future.
For the half year, net revenue stayed flat at Rs 3914 crore over the same period of the previous year. EBITDA was at Rs 549 crore, reporting a de-growth of 9 per cent over the same period of the previous year. PBT before exceptional items was at Rs 516 crore, down 6 per cent over the same period of the previous year.
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Anuj Jain, Managing Director, Kansai Nerolac Paints Ltd, said, “The company is seeing strong growth in the areas of Paint+ products, services, projects, construction chemicals and wood finishes. Overall demand in Decorative was affected due to heavy and extended monsoons. A good monsoon would augur well, and we expect demand to improve in the second half. Automotive growth was good on the back of several initiatives and we expect this momentum to be maintained. Performance Coating has also done well and is expected to remain strong on the back of a good order pipeline. Raw material prices initially showed an inflationary trend but as the quarter progressed, raw material prices have gradually started softening.” The size of the domestic paint industry is estimated at around Rs 75,000 crore as of March 2024.
Further, the board of directors of Kansai Nerolac Paints has approved the allotment of 9,114 equity shares of face value of Re 1 each fully paid-up, pursuant to exercise of Restricted Stock Units granted under the Kansai Nerolac Paints Limited – Restricted Stock Units Plan, 2022 (“RSU Plan 2022”).
The company board also approved the appointment of Uday Shirish Bhansali as an Independent Director, with effect from 6th November, 2024, for a period of 5 years. Uday Shirish Bhansali is a Chartered Accountant and has a Bachelors’ degree from Sydenham College, Bombay University. He has experience in mergers and acquisitions, IPO advisory, large scale business transformation, financial due diligence, valuations, forensics, restructuring and bankruptcy. His experience spans a number of key industries in the above areas, in particular banking & financial services, having led and executed a number of marquee transactions and projects.
From: financialexpress
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