Kansai Nerolac Paints’ net profit up 57.79% in Q2 FY24, Real Estate News, ET RealEstate
NEW DELHI: Kansai Nerolac Paints has reported a growth of 57.79 per cent in its net consolidated profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 175.48 crore as against Rs 111.21 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,978.56 crore in Q2 FY24, a growth of 2.25 per cent from Rs 1,935.03 crore it recorded in the similar quarter last year.
Anuj Jain, managing director of the company said, “Demand in decorative was affected due to monsoons and a delayed festival season. Raw material prices were stable despite volatility in crude. Gross margins improved over the corresponding quarter last year. During the quarter, product Mix improved due to sale of premium products. Going forward with a near normal monsoon and a delayed festival season, demand for decorative is likely to show traction.”
On August 20, 2023, cyber-attack incident had occurred, and company’s IT infrastructure was targeted by a ransomware attack. The company’s management along with a specialized team of cyber-security experts responded promptly and initiated necessary precautions and protocols to mitigate the impact of this incident. The management believes there is no material impact on the operations of the company due to this incident.
