Kansai Nerolac Paints Reports Flat Performance in Q1, MarketsMOJO Gives 'Hold' Call
Kansai Nerolac Paints, a leading player in the paints industry, has recently announced its financial results for the quarter ending March 2024. The company has reported a flat performance for the quarter, with a score of -2 compared to 6 in the previous quarter.
The company's Profit Before Tax (PBT) has seen a significant decline of 38% at Rs 124.03 crore, compared to the average PBT of the previous four quarters at Rs 199.89 crore. This indicates a negative trend in the near term. Similarly, the Profit After Tax (PAT) has also fallen by 29.2% at Rs 116.03 crore, compared to the average PAT of the previous four quarters at Rs 163.89 crore.
The company's Net Sales for the quarter have also seen a decline of 8.9% at Rs 1,769.39 crore, compared to the average Net Sales of the previous four quarters at Rs 1,941.41 crore. This indicates a negative trend in the near term. Additionally, the Non-Operating Income for the quarter has increased to Rs 32.53 crore, which is the highest in the last five quarters. However, this increase in income from non-business activities may not be sustainable.
Based on these financial results, MarketsMOJO has given a 'Hold' call for Kansai Nerolac's stock. The company's performance in the quarter ending March 2024 has not been up to par, and the near term trends are negative. Investors are advised to hold their positions and monitor the company's performance closely.
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