Moneycontrol Bureau
Paint colours manufacturer Kansai Nerolac, in April-June quarter, has registered a solid 34.6 percent profit growth at Rs 126.5 crore on yearly basis, driven by other income and operational performance. Strong earnings lifted the stock to record high of Rs 347.90.
Revenue increased 7.4 percent to Rs 1,047.5 crore in the quarter ended June 2016 compared with Rs 975.3 crore in year-ago period.
Operating profit during the quarter jumped 24 percent year-on-year to Rs 187.2 crore and margin expanded 240 basis points to 17.9 percent compared with corresponding period of last fiscal due to lower raw material cost (down 2 percent YoY).
Other income shot up 268.4 percent to Rs 21 crore while tax expenses increased 43 percent to Rs 64.12 crore on yearly basis.
At 15:17 hours IST, the scrip of Kansai Nerolac Paints was quoting at Rs 339.75, up Rs 10.20, or 3.10 percent on the BSE.Posted by Sunil Shankar Matkar
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