Mumbai, May 2
KansaiNerolac Paints Limited(KNPL), one of the leading Paint companies in India, today at the Board meeting announced its unaudited results for the fourthquarter of financial year 2016-17. For the quarter, the company declared gross sales of Rs.1156.4 crores, marking a growth of8.8% over the same quarter of the previous year. PBTwasRs.169.7crores a growth of33.4 % over the same quarter of the previous year.
For the year ending March 31, 2017, the company declared gross sales of Rs.4936.1 crores marking a growth of 7.2% over the same period of the previous year. For the year PBT due to normal operations was Rs.759.4Crores a growth of 40.7% over the same period of the previous year.
Commenting on the announcement, Mr. H. M. Bharuka, Managing Director, KansaiNerolac Paints Ltd said,”During the quarter, KNP continued to see strong double digit volume and value growth in Decorative, however Industrial demand has been subdued and in single digit, due to the sluggishness in Automotive.Inflation has been high during the quarter coupled with volatility in foreign exchange.
The company has effected a price increase in Decorative in March. Going forward, input costs and availability are a concern which will put pressure on costs.
With GST expected to be rolled out on 1st July 2017, we will have to wait and watch to see how near term demand pans out, however overall we continue to see strong demand for decorative and a gradual recovery in Industrial paints during the coming year.”
Mumbai, May 2