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Kansai Nerolac Paints’ net profit dip 13.05%

Kansai Nerolac Paints has reported a dip of 13.05 per cent in consolidated net profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 108.97 crore in Q3 FY23 as against Rs 125.32 crore it registered in the corresponding quarter of the previous year, the company said in a BSE filing.

The company’s consolidated total income stood at Rs 1,834.19 crore in Q3 FY23, a marginal growth of 0.76 per cent from Rs 1,820.31 crore it recorded in the similar quarter last year.

Anuj Jain, managing director of the company said, “Demand in decorative was impacted on account of early Diwali, extended monsoons and higher than normal channel stocking due to price increases during October21 & November21. Raw material prices showed a decline during the quarter. The quarter continued to witness high exchange volatility with the rupee sharply depreciating further. The company initiated various measures to increase growth in decorative. The measures include increase in feet on street, digital interventions, network expansion, new product launches and brand strengthening.”

On January 30, 2023, the company has entered into agreement to sell with Shoden Developers, a group company of The House of Hiranandani for its land at Kavesar, Thane for the total consideration of Rs 655 crore for an area admeasuring 96,180 sq meters, it said in the regulatory filing.

For the nine months period, the company earned net revenue from operations of Rs 5,475.9 crore a growth of 20.7 percent over the corresponding period of the previous year. PAT for the nine months period of FY23 was Rs 392.4 crore, a growth of 12.2 per cent over the same period of 2021-22, the company said in the media release.

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