Kansai Nerolac paints hits record high on strong Q2 earnings

The stock rallied 6% to Rs 1,991 on NSE after reporting 41% yoy jump in net profit at Rs 73 crore in September quarter.

Kansai Nerolac Paints has rallied 6% to Rs 1,991 on National Stock Exchange (NSE) after reporting a robust 41% year-on-year increase in standalone net profit at Rs 72.66 crore for the second quarter ended September 30, on back of strong operational performance. The paint maker had profit of Rs 51.67 crore in the same quarter last fiscal.

Net sales of the company grew 17% to Rs 915 crore in September quarter against Rs 781 crore in the corresponding quarter of previous year.

EBITDA or operating profit margin expanded by nearly 150 basis points to 13.15% from 11.74%.

The stock opened at Rs 1,937 and touched a record high of Rs 2,097 on NSE. A combined 14,785 shares changed hands on the counter so far on NSE and BSE.