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Industrial paints maker Kansai Nerolac has decided to set up a manufacturing unit in Gujarat at an estimated cost of Rs 350 crore.
“Board of Directors at the meeting held yesterday has approved setting up of a paint manufacturing unit at Sayakha Industrial Estate in Gujarat at an estimated cost of Rs 350 crore”, Kansai Nerolac Paints said in a notification to stock exchanges.
The plant would have a capacity of 42,000 MT per year and can be expanded into phases, it said.
On the group financials, the company said for the fourth quarter ended March 31, 2015, the net profit jumped 34.6 per cent, to Rs 60.37 crore, from Rs 44.85 crore registered in the same period of the previous fiscal.
For entire 2014-15, net profit of the company soared 31.8 per cent, to Rs 275.19 crore from Rs 208.66 crore in the previous fiscal.
Total income from operations for the January-March 2015 quarter stood at Rs 807.84 crore as against Rs 750.18 crore registered during same period of previous year.
For the financial year ending March 31, 2015, total income from operations grew to Rs 3,586.98 crore, from Rs 3,193.28 crore registered a year ago.
The Board of Directors has recommended a dividend of 140 per cent (Rs 1.40 per share) compared to 110 per cent (Rs 11 per share) last year, it said.
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