Kansai Nerolac Q2 Profit Jumps 58% to Rs 176 Crore

New Delhi, Nov 1 (PTI) Kansai Nerolac Paints Ltd on Wednesday reported a 57.79 per cent increase in its consolidated net profit at Rs 175.48 crore in the second quarter ended September 2023.

The company had posted a net profit of Rs 111.21 crore in the July-September period a year ago, according to a regulatory filing from Kansai Nerolac.

Its revenue from operations was up 1.32 per cent to Rs 1,956.54 crore in comparison to Rs 1,930.96 crore in the corresponding quarter a year ago.

"Gross margins improved over the corresponding quarter last year. The company continues to make progress on various initiatives," said Kansai Nerolac Paints Managing Director Anuj Jain in the earnings statement of the company.

Raw material prices were stable despite volatility in crude, he added.

"The quarter saw decent demand for automotive though it was lower than Q1. While demand for performance coatings was relatively better, demand for powder coatings remained subdued. Demand in decorative was affected due to monsoons and a delayed festival season," said Jain.

Total expenses of Kansai Nerolac Paints in the September quarter were down 2.51 per cent to Rs 1,738.29 crore.

Shares of Kansai Nerolac Paints Ltd on Wednesday settled at Rs 314.80 on BSE, down 0.13 per cent from the previous close.