Kansai Nerolac Paints Ltd reported a 38.7 per cent decline in its consolidated net profit to Rs 125.32 crore for the third quarter ended December 2021, on account of inflationary pressures on raw material inputs.
The company said that the revenue from operations during October-December 2021 jumped 13.67 per cent to Rs 1,810.35 crore.
The company's total expenses stood at Rs 1,648.39 crore, an increase of 23.65 per cent as against Rs 1,333.06 crore a year ago.
Kansai Nerolac Paints Vice-Chairman and Managing Director H M Bharuka said, ''The quarter witnessed a good demand for decoratives. In auto, demand was muted on account of the semiconductor chips shortages.''
Over the outlook of the Indian paint industry, Bharuka said: ''The size of the domestic paint industry is estimated at around Rs 55,000 crore as of March 2021."
(With inputs from PTI)
