Kansai Nerolac Paints net profit dips marginally in Q1 FY19

Kansai Nerolac Paints (KNPL) registered a marginal dip in its net profit during the first quarter of 2018-19. Its profit stood at Rs 139.84 crore as against Rs 140.81 crore it registered in the corresponding quarter last fiscal. Company's net income stood at Rs 1,389.52 crore as compared to Rs 1,343.93 crore it recorded in the same quarter last year. "As seen in the previous quarters, company has continued to witness double digit growth in all segments this quarter also. The quarter witnessed upward movement in crude along with lot of volatility in forex and depreciation in the rupee resulting in high inflation. The company continues to make sustained efforts to get price increases from its customers," said H. M. Bharuka, managing director of the company. Its gross sales grew by 4.89 per cent to Rs 1,513.26 crore, the company said in a BSE filing. The size of domestic paint industry is estimated at Rs 47,000 crore as of March 2018. Nerolac expects to have a positive effect on the overall demand of paint for the industry.