Kansai Nerolac Q1 outcomes: Web revenue falls 79% to Rs 29.64 crore

New Delhi: Kansai Nerolac on Monday reported a 79.42 per cent decline in consolidated internet revenue at Rs 29.64 crore for the primary quarter ended June 30, on account of decrease revenue. The corporate had posted a internet revenue of Rs 144.69 crore in June quarter a yr in the past, Kansai Nerolac stated in a BSE submitting.

Whole revenue declined 58.23 per cent to Rs 647.08 crore throughout the quarter underneath evaluate as towards Rs 1,549.18 crore within the corresponding quarter a yr in the past.

“There was an unprecedented demand destruction this quarter as a result of lock down imposed on account of Covid-19. Each gross sales and bottom-line was impacted because of this,” Kansai Nerolac Paints Vice-Chairman and Managing Director H M Bharuka stated.

“Gross sales in April have been a whole washout throughout. Gross sales of Ornamental has seen revival in Could and June with the corporate registering double digit quantity development in each the month,” he added.

Going forward, the corporate is optimistic that demand restoration would proceed, Bharuka stated.

“Because of frequent lockdowns and Covid circumstances throughout, managing the ecosystem of the provision chain is changing into a much bigger problem. Nevertheless, with a number of vegetation, the corporate is in a greater place to handle it although it’s making a logistic problem,” he added.

Shares of Kansai Nerolac Paints on Monday closed 3.21 per cent increased at Rs 446.70 apiece on the BSE.