Kansai Nerolac Q1 net profit falls 79% to Rs 29.64 cr, income declines 58%

Kansai Nerolac on Monday reported a 79.42 per cent decline in consolidated net profit at Rs 29.64 crore for the first quarter ended June 30, on account of lower-income.

The company had posted a net profit of Rs 144.69 crore in June quarter a year ago, Kansai Nerolac said in a BSE filing.

Total income declined 58.23 per cent to Rs 647.08 crore during the quarter under review as against Rs 1,549.18 crore in the corresponding quarter a year ago.

"There was unprecedented demand destruction this quarter due to the lockdown imposed on account of Covid-19. Both sales and bottom-line