|
Kansai
Nerolac Paints consolidated net sales increased 5.03% to Rs 1918.71 crore
during Q3FY24 compared to Q3FY23. Operating profit margin has jumped from
10.70% to 12.72%, leading to 24.82% rise in operating profit to Rs 244.00
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 63.47% to 57.58%. Purchase of finished goods cost rose from
6.05% to 6.71%. Employee cost increased
from 5.15% to 6.04%. Other expenses
rose from 14.60% to 17.08%.
Other
income rose 172.76% to Rs 20.13 crore.
PBIDT rose 30.20% to Rs 264.13 crore.
Provision for interest rose 0.81% to Rs 7.47 crore.
PBDT rose
31.32% to Rs 256.66 crore. Provision for
depreciation rose 5.28% to Rs 48.43 crore.
Profit
before tax grew 39.33% to Rs 208.23 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 56.14
crore, compared to Rs 40.48 crore.
Effective tax rate was 26.96% compared to 27.09%.
Minority
interest decreased 128.42% to Rs -2.17 crore.
Net profit attributable to owners of the company increased 40.34% to Rs
154.26 crore.
Promoters’
stake was 74.99% as of 31 December 2023 ,compared to 74.99% as of 31 December
2022.
Commenting on the results, Mr. Anuj
Jain, Managing Director, Kansai Nerolac Paints Ltd 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”.
For year-to-date (YTD) results
analysis
Net sales
(including other operating income) of Kansai Nerolac Paints has increased 3.84%
to Rs 6032.05 crore.
Operating
profit margin has jumped from 11.19% to 14.07%, leading to 30.60% rise in
operating profit to Rs 848.74 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
64.51% to 57.88%. Purchase of finished
goods cost fell from 6.17% to 6.08%.
Employee cost increased from 4.69% to 5.58%. Other expenses rose from 13.58% to 16.23%.
Other income
rose 264.56% to Rs 59.35 crore. PBIDT
rose 36.32% to Rs 908.09 crore.
Provision for interest fell 0.05% to Rs 22.19 crore.
PBDT rose
37.57% to Rs 885.9 crore. Provision for
depreciation rose 6.13% to Rs 142.5 crore.
Profit
before tax grew 45.86% to Rs 743.40 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 343.08
crore, compared to Rs 137.45 crore.
Effective tax rate was 24.42% compared to 26.97%.
Minority
interest decreased 3.43% to Rs -7.84 crore.
Net profit attributable to owners of the company increased 181.56% to Rs
1,069.41 crore.
Promoters’
stake was 74.99% as of 31 December 2023 ,compared to 74.99% as of 31 December
2022 .
The stock
trades at Rs 343
|
Kansai Nerolac Paints : Consolidated Results
|
|
Particulars
|
2312 (03)
|
2212 (03)
|
Var.(%)
|
2312 (09)
|
2212 (09)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Net Sales
|
1,918.71
|
1,826.81
|
5
|
6,032.05
|
5,809.14
|
4
|
7,542.73
|
6,369.35
|
18
|
|
OPM (%)
|
12.7
|
10.7
|
|
14.1
|
11.2
|
|
10.8
|
10.2
|
|
|
OP
|
244.00
|
195.48
|
25
|
848.74
|
649.87
|
31
|
817.99
|
649.36
|
26
|
|
Other Inc.
|
20.13
|
7.38
|
173
|
59.35
|
16.28
|
265
|
25.98
|
25.41
|
2
|
|
PBIDT
|
264.13
|
202.86
|
30
|
908.09
|
666.15
|
36
|
843.97
|
674.77
|
25
|
|
Interest
|
7.47
|
7.41
|
1
|
22.19
|
22.2
|
0
|
29
|
28.59
|
1
|
|
PBDT
|
256.66
|
195.45
|
31
|
885.90
|
643.95
|
38
|
814.97
|
646.18
|
26
|
|
Depreciation
|
48.43
|
46
|
5
|
142.5
|
134.27
|
6
|
180.08
|
169.77
|
6
|
|
PBT
|
208.23
|
149.45
|
39
|
743.40
|
509.68
|
46
|
634.89
|
476.41
|
33
|
|
Share of
Profit/(Loss) from Associates
|
0
|
0
|
|
0
|
0
|
|
0
|
0
|
|
|
PBT before
EO
|
208.23
|
149.45
|
39
|
743.40
|
509.68
|
46
|
634.89
|
476.41
|
33
|
|
EO Income
|
0
|
0
|
|
661.25
|
0
|
|
0
|
0
|
|
|
PBT after
EO
|
208.23
|
149.45
|
39
|
1404.65
|
509.68
|
176
|
634.89
|
476.41
|
33
|
|
Taxation
|
56.14
|
40.48
|
39
|
343.08
|
137.45
|
150
|
166.42
|
133.26
|
25
|
|
PAT
|
152.09
|
108.97
|
40
|
1061.57
|
372.23
|
185
|
468.47
|
343.15
|
37
|
|
Minority
Interest (MI)
|
-2.17
|
-0.95
|
PL
|
-7.84
|
-7.58
|
PL
|
-5.11
|
-15.71
|
-67
|
|
Net profit
|
154.26
|
109.92
|
40
|
1069.41
|
379.81
|
182
|
473.58
|
358.86
|
32
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
5.9
|
4.4
|
|
|
Notes
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* EPS is on
current equity of Rs 80.84 crore, Face value of Rs 1, Excluding extraordinary
items.
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# EPS is
not annualised
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bps : Basis
points
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Figures in
Rs crore
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Source:
Capitaline Corporate Database
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