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Kansai Nerolac Paints has posted 73 per cent rise in net profit at Rs 59 crore for the quarter-ended March 31, 2011, as against Rs 34 crore logged in the same period last year. Net sales rose 23 per cent to Rs 520.54 crore.
For FY11, the company registered net sales of Rs 2,138.73 crore (Rs 1,706 crore) and net profit of Rs 206 crore ( Rs 165 crore).
Mr H. M. Bharuka, Managing Director, said that during the quarter the company was able to maintain the growth momentum reflecting the sentiment in the market. However, it had also seen a sharp escalation in raw material costs on account of the high inflation in crude and its derivatives and other uncertainties prevailing.
Going forward the company expects demand to be moderate in the medium term, especially for auto and other OEMs as end user industry demand would be affected due to pressures of inflation as well as tightening interest rates, he said.
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