Kansai Nerolac Paints posts net profit of Rs 734 crore in Q1 FY24, ET RealEstate
NEW DELHI: Kansai Nerolac Paints, a paints company, has reported a growth of 382.74 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 734 crore in Q1 FY24 as against Rs 152.05 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 2,174 crore, a growth of 5.73 per cent from Rs 2,056.20 crore it recorded in the similar quarter last year.
On June 30, 2023, the company had entered a deed of conveyance with Shoden Developers, a group company of House of Hiranandani for sale of its land at Kavesar, Thane for the total consideration of Rs. 671 crore.
Anuj Jain, managing director of the company said, “Demand for Decorative paints was healthy. Raw material prices continued to soften. Gross margins improved over the corresponding quarter last year. Decorative demand is likely to improve closer to the festival season. The proceeds from land sale will be mainly utilized to support business initiatives.”
