Chandigarh, October 28, 2016: Kansai Nerolac Paints Limited(KNPL), one of the leading Paint companies in India, today at the Board meeting announced its unaudited results for the second quarter of financial year 2016-17. For the quarter, the company declared gross sales of Rs.1232.84crores, marking a growth of6.2% over the same quarter of the previous year. Net Profit was Rs.138.9 crores a growth of43.2% over the same quarter of the previous year.For the first six months, the company declared gross sales of Rs. 2533.8 Crores marking a growth of 7.2 % over the same period of the previous year. For the first six months PAT was Rs. 265.4 Crores a growth of 39% over the same period of the previous year.
Commenting on the results, Mr. H. M. Bharuka, Managing Director, Kansai Nerolac Paints Ltd said,“Company has registered a double digit volume growth in Decorative and Automotive. The performance would have been better but for the unstable climate in Kashmir where KNP enjoys leadership.Lower commodity prices and a relatively stable forex situation have ensured that inflation remains benign which has helped improve profitability. Going forward, on the cost front we are seeing a gradual hardening of prices. The good monsoon augurs well for demand and this along with pay hikes for government employees could see an improvement in the demand in the second half of the year.”
Outlook of Indian Paint Industry:
The size of domestic paint industry is estimated at Rs 39000crores as of Mar 2016. 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.
About Kansai Nerolac Paints Ltd:
Kansai Nerolac Paints has been at the forefront of paint manufacturing for more than 90 years pioneering a wide spectrum of quality paints. Kansai Nerolac is the second largest paint company in India and is the leader in Industrial segment, having a turnover of Rs 4604crores. The company has four strategically located manufacturing units all over India and a strong dealer network across the country. The company 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. Please visit www.nerolac.com