Kansai Nerolac Paints Ltd Announces Q3 Results FY 2016-2017
Gross Sales up by 5.8 %
Mumbai, January 31st, 2017: Kansai Nerolac Paints Limited (KNPL), one of the leading Paint companies in India, today at the Board meeting announced its unaudited results for the third quarter of the financial year 2016-17. For the quarter, the company declared gross sales of Rs. 1245.9 crores, marking a growth of 5.8 % over the same quarter of the previous year. Net Profit was Rs. 124 crores a growth of 44 % over the same quarter of the previous year. For the first nine months, the company declared gross sales of Rs. 3779.7 Crores marking a growth of 6.7 % over the same period of the previous year. For the first nine months Net Profit was Rs. 389.8 Crores a growth of 39.4 % over the same period of the previous year.
Commenting on the results, Mr. H. M. Bharuka, Managing Director, Kansai Nerolac Paints Ltd said, “Company has registered close to double digit volume growth in Decorative & Industrial. In Decorative the effect of demonetization was more pronounced in the rural markets. In case of Industrial, in the two wheelers, and three wheeler auto segments as well as in the General Industrial market, the effect of demonetization was seen sharply. The Industry has observed a sharp rise in prices of key raw materials as well as volatility in the exchange rates. Going forward company expects demand to revive. Continuously hardening raw material costs are expected to put pressure on the bottom-line.”
Outlook of Indian Paint Industry:
The size of domestic paint industry is estimated at Rs 39000 crores as of Mar 2016. The good growth in infrastructure, core sector as well as automobile and real estate is likely to have a positive effect on the overall demand of paint for the industry.
About Kansai Nerolac Paints Ltd:
Kansai Nerolac Paints has been at the forefront of paint manufacturing for more than 90 years pioneering a wide spectrum of quality paints. Kansai Nerolac is the second largest paint company in India and is the leader in Industrial segment, having a turnover of Rs 4604 crores. The company has four strategically located manufacturing units all over India and a strong dealer network across the country. The company manufactures a diversified range of products ranging from decorative paints coatings for homes, offices, hospitals and hotels to sophisticated industrial coatings for most of the industries. Please visit www.nerolac.com