The company’s net revenue from operations grew 4.2 per cent YoY to 1,413 crore. Earnings before interest, taxes, depreciation, and amortization (ebitda) was down 60 per cent YoY to Rs 82.9 crore, while margin sharply contracted by 1,000 bps to 5.4 per cent from 15.37 per cent.
The management said the quarter witnessed impact in terms of demand for decorative business on account of the steep price increase taken towards the end of Q3FY22. In the automotive segment, passenger vehicles demand was good though it was impacted because of supply side constraints.
On raw material costs, the quarter continued to witness inflationary pressures along with volatility in crude and exchange rates on account of the tough geo-political situation globally.
Overall demand situation is expected to remain healthy, and company remains positive and well poised to do better. It is expected that price increases taken in FY21-22 will accrue in the coming year. The company will strive for more price increases in industrial, the management said.
On the outlook for the paint industry, the management said good growth in infrastructure, core sector as well as automobile and real estate is likely to have a positive effect on the overall demand for the industry in the long run.
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