Kansai Nerolac Paints announces Q2 results- FY 2006-07

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Kansai Nerolac Paints announces Q2 results- FY 2006-07

Kansai Nerolac Paints Ltd announces Q2 results- FY 2006-07. Net sales up 21.4% to Rs 317.08 crores

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Kansai Nerolac Paints Limited, one of the leading Paint companies in the country announced its unaudited financial results for the second quarter ended 30^th September 2006 at the Board Meeting held today.

The Company has registered a gross sales of Rs.385.60 crores, an increase of 21.5% as compared to Rs 317.47 crores in the previous year, while the Net Profit stood at Rs. 27.91 Crores against Rs 30.04 crores of corresponding period last year. The net profit is lower as other income dropped by Rs 5.94 crores.  However, the operating profit, for the II Quarter, is up by 8%.

On half yearly basis the gross sales recorded is of Rs 711.94 crores, an increase of 19.9 % as compared to Rs 593.72 crores in the previous year. While the profit before tax increased by 4.2% and stood at Rs 81.26 crores, the net profit increased by 5.7% to Rs 55.01 Crores, over the corresponding period last year.    

Commenting on the performance, Mr. H. M. Bharuka, Managing Director, Kansai Nerolac Paints Ltd said, "Riding high on the change in CI, KNP has recorded a good growth in the Top line, both in decorative and industrial- thanks to the continued boom in housing and automobile sector. We are conscious of rising RM prices, which do reflect on our results, as the full cost has not been passed on. We will make an all out effort to improve performance, by continuing with our research,  technology in developing new Colours & shades, products & finishes and keeping abreast of all the latest trends in the sector.  In coming time we will be more visible, by introducing new products and keeping abreast with customers' expectations and in line with latest trends".   

Sourced From: Hanmer & Partners Communications Pvt. Ltd