|
Consolidated
net sales (including other operating income) of Kansai Nerolac Paints has
increased 2.07% to Rs 1769.39 crore.
Operating profit margin has jumped from 9.70% to 10.12%, leading to
6.48% rise in operating profit to Rs 179.01 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 62.33% to 60.13%. Purchase of finished goods cost rose from
6.11% to 6.76%. Employee cost increased
from 5.75% to 6.31%. Other expenses
rose from 16.21% to 17.05%.
Other
income rose 235.36% to Rs 32.53 crore.
PBIDT rose 18.96% to Rs 211.54 crore.
Provision for interest rose 3.24% to Rs 7.02 crore. Loan funds declined from Rs 287.04 crore as
of 31 March 2023 to Rs 276.42 crore as of 31 March 2024. Inventories declined from Rs 1,729.13 crore
as of 31 March 2023 to Rs 1,687.46 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,334.88
crore as of 31 March 2024 compared to Rs 1,237.91 crore as of 31 March 2023. Cash and bank balance rose to Rs 259.95 crore
as of 31 March 2024 from Rs 126.86 crore as of 31 March 2023. Investments rose to Rs 1,326.62 crore as of
31 March 2024 from Rs 501.36 crore as of 31 March 2023 .
PBDT rose
19.59% to Rs 204.52 crore. Provision for
depreciation rose 4.69% to Rs 47.96 crore.
Fixed assets increased to Rs 2,314.95 crore as of 31 March 2024 from Rs
2,201.29 crore as of 31 March 2023.
Intangible assets stood at Rs 19.78 crore.
Profit
before tax grew 25.04% to Rs 156.56 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 42.27
crore, compared to Rs 28.97 crore.
Effective tax rate was 27.00% compared to 23.14%.
Net profit
attributable to owners of the company increased 23.74% to Rs 116.03 crore. Equity capital increased from Rs 53.89 crore
as of 31 March 2023 to Rs 80.84 crore as of 31 March 2024. Per share face Value remained same at Rs
1.00.
Promoters’
stake was 74.99% as of 31 March 2024 compared to 74.99% as of 31 March
2023.
Commenting on the results, Mr. Anuj
Jain, Managing Director, Kansai Nerolac Paints Ltd said, “The demand for Industrial coatings
though good, moderated from previous quarter. Decorative once again recorded
double digit volume growth. Raw material prices were stable. Gross margins
improved over the corresponding quarter last year due to the benign raw
material cost. The initiatives in the areas such as feet-on-street, digital,
influencer outreach, new product launches,approvals, and projects are yielding
results for the company. Going forward, the forecast of a good monsoon should
augur well for paint industry.”
Full year results analysis.
Net sales
(including other operating income) of Kansai Nerolac Paints has increased 3.43%
to Rs 7801.44 crore. Operating profit
margin has jumped from 10.84% to 13.17%, leading to 25.64% rise in operating
profit to Rs 1,027.75 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
64.01% to 58.41%. Purchase of finished
goods cost rose from 6.16% to 6.24%.
Employee cost increased from 4.94% to 5.75%. Other expenses rose from 14.19% to 16.42%.
Other
income rose 253.66% to Rs 91.88 crore.
PBIDT rose 32.66% to Rs 1119.63 crore.
Provision for interest rose 0.72% to Rs 29.21 crore. Loan funds declined from Rs 287.04 crore as
of 31 March 2023 to Rs 276.42 crore as of 31 March 2024. Inventories declined from Rs 1,729.13 crore
as of 31 March 2023 to Rs 1,687.46 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,334.88
crore as of 31 March 2024 compared to Rs 1,237.91 crore as of 31 March
2023. Cash and bank balance rose to Rs
259.95 crore as of 31 March 2024 from Rs 126.86 crore as of 31 March 2023. Investments rose to Rs 1,326.62 crore as of
31 March 2024 from Rs 501.36 crore as of 31 March 2023 .
PBDT rose
33.80% to Rs 1090.42 crore. Provision
for depreciation rose 5.76% to Rs 190.46 crore.
Fixed assets increased to Rs 2,314.95 crore as of 31 March 2024 from Rs
2,201.29 crore as of 31 March 2023.
Intangible assets stood at Rs 19.78 crore.
Profit
before tax grew 41.75% to Rs 899.96 crore.
Share of profit/loss were nil in both the periods. The company reported EO income of Rs 661.25
crore compared to nil in the corresponding pevious year quarter. PBT after EO
was up 146% to Rs 1561.21 crore.
Provision
for tax was expense of Rs 385.35 crore, compared to Rs 166.42 crore. Effective tax rate was 24.68% compared to
26.21%.
Minority
interest decreased 87.48% to Rs -9.58 crore.
Net profit attributable to owners of the company increased 150.31% to Rs
1,185.44 crore.
Equity
capital increased from Rs 53.89 crore as of 31 March 2023 to Rs 80.84 crore as
of 31 March 2024. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 74.99% as of 31 March 2024 ,compared to 74.99% as of 31 March 2023
.
Cash flow
from operating activities increased to Rs 903.01 crore for year ended March
2024 from Rs 408.25 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 378.42 crore, compared to Rs
123.17 crore during the year ended March 2023.
The stock
trades at Rs 288
|
Kansai Nerolac Paints : Consolidated Results
|
|
Particulars
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Net Sales
|
1,769.39
|
1,733.59
|
2
|
7,801.44
|
7,542.73
|
3
|
|
OPM (%)
|
10.1
|
9.7
|
|
13.2
|
10.8
|
|
|
OP
|
179.01
|
168.12
|
6
|
1027.75
|
817.99
|
26
|
|
Other Inc.
|
32.53
|
9.7
|
235
|
91.88
|
25.98
|
254
|
|
PBIDT
|
211.54
|
177.82
|
19
|
1,119.63
|
843.97
|
33
|
|
Interest
|
7.02
|
6.8
|
3
|
29.21
|
29
|
1
|
|
PBDT
|
204.52
|
171.02
|
20
|
1090.42
|
814.97
|
34
|
|
Depreciation
|
47.96
|
45.81
|
5
|
190.46
|
180.08
|
6
|
|
PBT
|
156.56
|
125.21
|
25
|
899.96
|
634.89
|
42
|
|
Share of
Profit/(Loss) from Associates
|
0
|
0
|
|
0
|
0
|
|
|
PBT before
EO
|
156.56
|
125.21
|
25
|
899.96
|
634.89
|
42
|
|
EO Income
|
0
|
0
|
|
661.25
|
0
|
|
|
PBT after
EO
|
156.56
|
125.21
|
25
|
1561.21
|
634.89
|
146
|
|
Taxation
|
42.27
|
28.97
|
46
|
385.35
|
166.42
|
132
|
|
PAT
|
114.29
|
96.24
|
19
|
1175.86
|
468.47
|
151
|
|
Minority
Interest (MI)
|
-1.74
|
2.47
|
LP
|
-9.58
|
-5.11
|
87
|
|
Net profit
|
116.03
|
93.77
|
24
|
1185.44
|
473.58
|
150
|
|
EPS (Rs)*
|
#
|
#
|
|
8.5
|
5.9
|
|
|
Notes
|
|
* EPS is on
current equity of Rs 80.84 crore, Face value of Rs 1, Excluding extraordinary
items.
|
|
# EPS is
not annualised
|
|
bps : Basis
points
|
|
Figures in
Rs crore
|
|
Source: Capitaline
Corporate Database
|
.
|