By Tricitynews Reporter
Chandigarh 16th October:- Kansai Nerolac Paints Limited (KNPL), one of the leading Paint companies in India, today at the Board meeting announced its unaudited results for the second quarter of financial year 2017-18. For the quarter, the company declared sales of Rs. 1288Crores and sales of Rs.2731 crores for half year.
Government of India has implemented Goods and Service Tax (‘GST’) from 1st July, 2017. GST replaced Excise duty, Service Tax and various other indirect taxes. As required by Ind AS and SEBI Listing Agreement, revenue for the quarter ended 30th June, 2017 and 30th September, 2016 and year ended 31st March, 2017 were and are reported inclusive of Excise Duty. However, revenue for the quarter ended 30th September, 2017 is reported net of GST. Had the previously reported revenues been regrouped (netted off with excise duty), revenue growth of the Company would have been 16.2 % for the quarter and 14.1 % for half year.
EBIDTA wasRs.221.3 crores a growth of11.6 % over the same quarter of the previous year. For the first six months, EBIDTA was Rs. 428.6 Crores a growth of 11.3 % over the same period of the previous year.
Commenting on the results, H. M. Bharuka, Managing Director, Kansai Nerolac Paints Ltd said that c ompany has continued to register a double digit volume growth led by Decorative. All segments have done well. This quarter the effect of de-stocking by trade due to GST and preponement of sales due to an early Diwali were visible. The continued effect of higher raw material prices is continuing. The company is hopeful that with the implementation of GST and its broader acceptance coupled with a good monsoon, demand should be healthy across segments. Raw material prices and availability will continue to remain a concern due to larger geo political issues.