The ongoing economic slowdown coupled with the high volatility in the commodities market in 2008 has caused Kansai Nerolac Paints net profit dip by 16 per cent at Rs 20 crore as compared to Rs 24 crore for the same quarter a year-ago.
The total income for the company was flat for the quarter under review at Rs 31 crore.
For the financial year 2008-09, the company recorded consolidated net profit dip of 14 per cent at Rs 101 crore compared to a net profit of Rs 117 crore for the financial year 2007-08.
The total income for the year was also relatively flat with a 0.2 per cent dip at Rs 1398 crore as compared to Rs 1401 crore a year ago.
Commenting on the results of the company, H M Bharuka, managing director, Kansai Nerolac Paints said, "The outlook for the future continues to be mixed and cloudy. Paint industry has recorded a growth of around 10 per cent in FY 2008-2009 and is expected to grow by 8 per cent in FY 2009-2010.”