Kansai Nerolac Paints rose 1.37% to Rs 345.05 after the company's standalone net grew 40.37% to Rs 157.61 crore in Q3 FY24 as compared with Rs 112.28 crore in Q3 FY23.
Revenue from operations rose 5.7% year on year (YoY) to Rs 1,814.86 crore in the quarter ended 31 December 2023.Profit before tax soared 39.56% to Rs 212.85 crore during the quarter as compared with Rs 152.51 crore recorded in Q3 FY23.
EBIDTA stood at Rs 239.9 crore in Q3 FY24, registering a growth of 27.3% in YoY basis.
On 9-months basis, the company's standalone net profit surged to Rs 1,081.33 crore in 9M FY24 from Rs 392.44 crore recorded in 9M FY23. Revenue from operations rose 4.67 YoY to Rs 5,731.60 crore in 9M FY24.
Anuj Jain, managing director of Kansai Nerolac Paints, said, The quarter saw good demand for industrial coatings. Decorative demand was also good as it registered double digit volume growth, driven by the festive season. Raw material prices were stable despite volatility in crude. Gross margins improved over the corresponding quarter last year. Company continues to see traction as regards to initiatives in the areas such as feet-on-street, digital, influencer outreach, new product launches, approvals, and projects.
Going forward with the election round the corner, rural demand is expected to pick up which should support overall volume demand in the near term. Given the evolving geo-political situation, raw material prices may experience volatility.
On its outlook for the Indian Paint Industry, the company said that the size of domestic paint industry is estimated at around Rs 70,000 crore as of March 2023. 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 in the long run.
More From This Section
Kansai Nerolac Paints is one of the leading paint companies in India and is the leader in Industrial paints. It 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.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
