Nerolac Paints Net Profit Surges by 382.7% In Q1 of FY24

Kansai Nerolac Paints Limited reported a significant increase in net profit for the first quarter of the current financial year (Q1YFY24). The net profit rose by 382.7% to Rs 734 crore, compared to Rs 152.05 crore in the same quarter last year. Sequentially, the net profit was up by 662.6%. In the previous quarter (Q4FY23), the net profit was Rs 96.24 crore.

The company’s revenue from operations for Q1FY24 was Rs 2,156.80 crore, a 5.13% increase compared to Rs 2,051.37 crore in the same quarter last year. On a quarter-on-quarter (QoQ) basis, the revenue for operations increased by 24.41%. It was Rs 1,733.59 crore in Q4FY23.

The total income for Q1FY24 was Rs 2,174 crore, showing a rise of 5.72% from Rs 2,056.20 crore in the same quarter last year. On a QoQ basis, the total income increased by 24.7%. It was Rs 1,743.29 crore in Q4FY23.

Kansai Nerolac Paints Limited’s stock closed at Rs 321 on Thursday. According to Anuj Jain, the managing director of the company, they experienced strong demand for automotive and performance coating in the quarter. The company is actively pursuing various initiatives in terms of sales, digital efforts, influencer outreach, new product launches, approvals, and projects.