Kansai Nerolac Paints' net profit falls 15% to Rs 112.3 cr

New Delhi: Kansai Nerolac Paints reported 15.2% fall in net profit to Rs 112.3 crore despite a 1.4% rise in net revenue from operations to Rs 1,717.1 crore in Q3 FY23 over Q3 FY22. EBIDTA for Q3 FY23 was at Rs 188.5 crores, recording a de-growth of 10.2 % over Q3 FY22.

The company said that Other operating income of previous year's Q3 included exceptional income of Rs 44.8 crore. Excluding this, Net revenue is up by 4.1 %, EBITDA is up by 14.1% and PAT is up by 13.5%.

Anuj Jain, managing director, Kansai Nerolac Paints, said, The quarter witnessed good demand in Automotive coatings. Demand in Decorative was impacted on account of early Diwali, extended monsoons and higher than normal channel stocking due to price increases during Oct 21 & Nov 21.

Raw material prices showed a decline during the quarter. The quarter continued to witness high exchange volatility with the rupee sharply depreciating further.

The company was able to conclude the price increases with all its key OEMs during the quarter which will help partly offset the high inflation witnessed over the last two years.