Kansai Nerolac Paints Ltd on Wednesday reported a 23.47 per cent decline in consolidated net profit at Rs 65.36 crore for the fourth quarter ended March 2020 due to COVID-19 pandemic.
The company had posted a net profit of Rs 85.41 crore in January-March quarter a year ago, Kansai Nerolac said in a BSE filing.
Its total revenue from operations dropped 1.55 per cent to Rs 1,080.07 crore during the quarter under review as compared with Rs 1,221.23 crore in the corresponding quarter of the previous year.
Commenting on the results, Kansai Nerolac Vice Chairman and Managing Director H M Bharuka said, "Sales and bottomline was impacted this quarter due to the outbreak of COVID-19. Demand for automotive paints continued to be severely impacted due to the continued unprecedented slowdown in auto. Decorative growth was better."
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