Kansai Nerolac Paints announced that the 103rd Annual General Meeting (AGM) of the company will be held on 26 June 2023.

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Revenue from operations grew by 13.6% year on year to Rs 1,605.11 crore in the quarter ended 31 March 2023.

Profit before tax surged to Rs 122.29 crore in the fourth quarter of FY23 as compared with Rs 37.44 crore reported in Q4 FY22.

EBIDTA for Q4 FY23 stood at Rs 153 crore, registering a growth of 83.8% YoY.

In financial year ended March 2023, the company's net profit jumped 29.9% to Rs 486.43 crore on 19% increase in net sales to Rs 7,081.02 crore.

Anuj Jain, managing director, Kansai Nerolac Paints said, “During the quarter all businesses have done well. Though raw material prices have softened, for the year, inflation is still positive. Judicious cost management efforts were continued. This along with various initiatives undertaken in previous quarters have led to the gross margins improving both over the corresponding quarter last year and sequentially.”

He further added, “The company continued with growth initiatives in Decorative and Performance coating. These initiatives which are in the area of feet on street, digital interventions, influencer outreach, new product launches, approvals, and projects have gathered momentum. The results are encouraging, and these initiatives are being expanded to more cities. Looking forward demand is expected to remain healthy in the near term.”

On its outlook for the Indian Paint Industry, the company said that the size of domestic paint industry is estimated at around Rs 70,000 crore as of March 2023. The good growth in infrastructure, core sector as well as automobile and real estate is likely to have a positive effect on the overall demand of paint for the industry in the long run.

The board of directors of the company has recommended a dividend of Rs 2.70 per share for the financial year ended 31 March 2023. The dividend, when declared, will be payable on or after Friday, 30 June 2023

Meanwhile, the company's board has approved the bonus issue in the ratio of 1:2 (one bonus equity share for every two equity shares held by the shareholders), taking the share capital from 53.89 crore shares to 80.83 crore shares.

The board has further approved the proposal of increasing the authorised share capital of the company to Rs 85 crore from Rs 66.50 crore and the consequent alteration to the Memorandum and Articles of Association, subject to approval of the shareholders of the company.

Kansai Nerolac Paints has been at the forefront of paint manufacturing pioneering a wide spectrum of quality paints. The company is one of the leading paint companies in India and is the leader in Industrial paints. The company has eight strategically located manufacturing units all over India and a strong dealer network across the country. The company manufactures a diversified range of products ranging from decorative paints coatings for homes, offices, hospitals, and hotels to sophisticated industrial coatings for most of the industries.

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The Board of Kansai Nerolac Paints has on 8th March 2023, has recommended for the Bonus issue of Equity shares in the ration of 1:2, subject to approval of the Shareholders of the Company.

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Kansai Nerolac Paints announced that the Board of Directors of the Company at its meeting held on 08 May 2023, has recommended a Final dividend of Rs.2.70 per share (i.e.270%), subject to the approval of the shareholders.

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