Kansai Nerolac Paints Ltd Announces Q3 Results FY 2017-2018 Sales

23 Jan 2018

Mumbai, January 19, 2018:Kansai Nerolac Paints Limited(KNPL), one of the leading Paint companies in India, today at the Board meeting announced its unaudited results for the thirdquarter of financial year 2017-18. For the quarter, the company declared sales of Rs.1262.94 Crores and sales of Rs.3843.14 crores for first nine months.

Government of India has implemented Goods and Service Tax (‘GST’) from 1st July, 2017. GST replaced Excise duty, Service Tax and various other indirect taxes. As required by Ind AS and SEBI Listing Agreement, revenue for the quarter ended 31^st Dec 2016 and year ended 31st March, 2017 were reported inclusive of Excise Duty. Revenue for the quarter ended 31stDecember, 2017 is reported net of GST. Had the previously reported revenues been regrouped (netted off with excise duty), revenue growth of the Company would have been13.5 % for the quarter and13.9 % for the first nine months.

EBIDTA wasRs.192.24 crores a growth of5.9% over the same quarter of the previous year.For the first nine months, EBIDTA was Rs.620.84 Crores a growth of 9.6% 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 witnessed double digit growth in all segments this quarter, led by Decorative. This quarter the effect of an early Diwali which led to preponing of sales last quarter as well as base effect of demonetization is visible in the sales growth.Inflation was more pronounced this quarter. The company is making sustained efforts to get price increases from its customers. Going forward, we expect the growth momentum to be sustained due to favorable macro- economic factors, though there could be pressure on margins due to crude oil price increases and a volatile exchange rate”

Outlook of Indian Paint Industry:

The size of domestic paint industry is estimated at Rs.43000crores as of Mar 2017. 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.

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