Nerolac Paints EBITDA at Rs. 334.4 Cr Posts 0.2% Growth Q1 FY 24-25
Nerolac Paints reports Q1 FY24-25 EBITDA of ₹334.4 crores with a 0.2% growth. In terms of profitability, the company reported a net revenue of ₹2,050.4 crores, marking a slight decline of 1% compared to the same quarter last year.
by Damodharan N
Updated Jul 30, 2024
Table of Content
Kansai Nerolac Paints Limited (KNPL), a major player in the Indian paint industry, has announced its unaudited financial results for the first quarter of the financial year 2024-2025.
Nerolac Paints achieved an EBITDA of ₹334.4 crores, reflecting a modest growth of 0.2% year-over-year. The company's Profit Before Tax (PBT) before exceptional items was ₹323.4 crores, up by 6.2% from the previous year. In terms of profitability,The company reported a net revenue of ₹2,050.4 crores, marking a slight decline of 1% compared to the same quarter last year.
For the period ending June 30, 2024, here are some key financial metrics:
- Revenue from Operations: ₹2,050.35 crores, compared to ₹2,071.17 crores in Q1 FY23.
- Net Profit Before Tax (after Exceptional Items): ₹323.41 crores, a decrease from ₹965.83 crores in the same period last year.
- Net Profit After Tax (after Exceptional Items): ₹241.10 crores, up from ₹743.83 crores in Q1 FY23.
- Total Comprehensive Income: ₹240.56 crores, compared to ₹743.90 crores in Q1 FY23.
Commenting on the results, Mr. Anuj Jain, Managing Director, Kansai Nerolac Paints Ltd said, “The quarter continued to witness good demand for Automotive Coatings. Demand for Decorative was muted due to unprecedent heat wave, labor shortages and elections.
Demand for Performance Coating was subdued however it picked up in June. A combination of measures like cost control, product mix and procurement efficiencies helped improve gross margins over the corresponding quarter last year.
Raw material prices have now gradually started to harden due to various geopolitical issues. The company is actively taking steps to mitigate this cost increase. The company is also undertaking various initiatives in the digital space to improve its efficiency in the marketplace.
Looking forward, with a favorable monsoon demand should improve for decorative. Given the continued thrust on infrastructure growth, new project and order pipeline we believe demand for performance coatings should be strong.”
Statement of Unaudited Financial Results for the Quarter Ended 30 June 2024
|
Particulars |
Standalone |
Consolidated |
||
|
For the Quarter Ended |
30.06.2024 |
30.06.2023 |
30.06.2024 |
30.06.2023 |
|
Revenue from Operations |
₹2,050.35 crores |
₹2,071.17 crores |
₹2,133.06 crores |
₹2,156.80 crores |
|
Net Profit Before Tax and Exceptional Items |
₹323.41 crores |
₹304.58 crores |
₹308.09 crores |
₹294.90 crores |
|
Net Profit Before Tax (After Exceptional Items) |
₹323.41 crores |
₹965.83 crores |
₹308.09 crores |
₹956.15 crores |
|
Net Profit After Tax (After Exceptional Items) |
₹241.10 crores |
₹743.83 crores |
₹224.87 crores |
₹734.00 crores |
|
Total Comprehensive Income |
₹240.56 crores |
₹743.90 crores |
₹229.36 crores |
₹735.60 crores |
|
Equity Share Capital |
₹80.84 crores |
₹53.89 crores |
₹80.84 crores |
₹53.89 crores |
|
Other Equity |
- |
- |
- |
- |
|
Earnings Per Equity Share (Before Exceptional Items) |
||||
|
Basic |
₹2.98 |
₹2.77 |
₹2.86 |
₹2.70 |
|
Diluted |
₹2.98 |
₹2.77 |
₹2.85 |
₹2.70 |
|
Earnings Per Equity Share (After Exceptional Items) |
||||
|
Basic |
₹2.98 |
₹9.20 |
₹2.86 |
₹9.13 |
|
Diluted |
₹2.98 |
₹9.19 |
₹2.85 |
₹9.12 |
The company's equity share capital remains unchanged at ₹80.84 crores. Despite a slight dip in revenue, Kansai Nerolac Paints has shown resilience with positive growth in EBITDA and overall profitability.
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Nerolac Paints Restricted Stock Unit Plan
Nerolac Paints Limited has announced the approval of an additional grant of 93,498 Restricted Stock Units (RSUs) under its RSU Plan 2022. These RSUs, each convertible into one equity share of the company, will be granted to selected employees as decided by the Nomination and Remuneration Committee (NRC). The grant date for these RSUs is set for August 1, 2024.
Here's a summary of the key details:
- Total RSUs Granted: 93,498
- Total Shares Covered: 93,498 equity shares
- Pricing Formula: Face value of Re. 1 per share at the time of exercise
- Options Vested: 61,178 RSUs
- Options Exercised: 1,865 RSUs, resulting in a realized amount of ₹1,865
- Options Lapsed: 1,27,369 RSUs
- Diluted Earnings Per Share Post-Exercise: ₹2.98
The RSUs will vest as per the schedule approved by the NRC and can be exercised within four years from the vesting date if the employee remains with the company. If an employee leaves the company, the exercise period will follow the terms specified in the RSU Plan.
This grant continues Nerolac Paints’ commitment to incentivize and reward its employees while aligning their interests with the company’s growth and performance.
Source: Here
Nerolac Paints
Kansai Nerolac Paints, established in 1920 as Gahagan Paints and Varnish in Mumbai, is now the second-largest paint company in India and a leader in industrial coatings. Over the past century, it has grown through hard work, innovation, and a strong commitment to both customer needs and environmental responsibility.
With eight manufacturing units and a wide dealer network across India, Kansai Nerolac offers a broad range of products, from decorative paints for various settings to advanced industrial coatings.
Nerolac Paints EBITDA at Rs. 334.4 Cr Posts 0.2% Growth Q1 FY 24-25 - FAQs
1. What was Kansai Nerolac's EBITDA for Q1 FY24-25?
Kansai Nerolac Paints reported an EBITDA of ₹334.4 crores for the first quarter of the financial year 2024-2025.
2. How much did Kansai Nerolac's EBITDA grow in Q1 FY24-25?
The EBITDA grew by 0.2% compared to the same quarter of the previous financial year.
3. What was the company's net revenue in Q1 FY24-25?
The net revenue for Kansai Nerolac Paints in Q1 FY24-25 was ₹2,050.4 crores.
4. How did the net revenue in Q1 FY24-25 compare to Q1 FY23?
The net revenue showed a slight decline of 1% from ₹2,071.17 crores in Q1 FY23.
5. What was the net profit before tax (after exceptional items) for Q1 FY24-25?
The net profit before tax, after accounting for exceptional items, was ₹323.41 crores for Q1 FY24-25.
6. What was the net profit before tax (after exceptional items) in Q1 FY23?
In Q1 FY23, the net profit before tax (after exceptional items) was significantly higher at ₹965.83 crores.
7. What was the net profit after tax (after exceptional items) for Q1 FY24-25?
The net profit after tax, considering exceptional items, was ₹241.10 crores for Q1 FY24-25.
8. How does the net profit after tax (after exceptional items) in Q1 FY24-25 compare to Q1 FY23?
This represents a decrease from ₹743.83 crores in Q1 FY23.
9. What was the total comprehensive income for Q1 FY24-25?
The total comprehensive income for Kansai Nerolac Paints in Q1 FY24-25 was ₹240.56 crores.
10. How did the total comprehensive income in Q1 FY24-25 compare to Q1 FY23?
The total comprehensive income decreased from ₹743.90 crores in Q1 FY23.
11. What is the equity share capital of Kansai Nerolac?
The company's equity share capital remains unchanged at ₹80.84 crores.
12. What was the basic EPS before exceptional items for Q1 FY24-25?
The basic earnings per share (EPS) before accounting for exceptional items was ₹2.98.
13. What was the diluted EPS before exceptional items for Q1 FY24-25?
The diluted EPS before exceptional items was also ₹2.98.
14. What was the basic EPS after exceptional items for Q1 FY24-25?
The basic EPS after considering exceptional items was ₹2.98.
15. What was the diluted EPS after exceptional items for Q1 FY24-25?
The diluted EPS after exceptional items was ₹2.98.
16. What was the basic EPS after exceptional items in Q1 FY23?
In Q1 FY23, the basic EPS after exceptional items was ₹9.20.
17. What was the diluted EPS after exceptional items in Q1 FY23?
The diluted EPS after exceptional items in Q1 FY23 was ₹9.19.
18. How many Restricted Stock Units (RSUs) were granted on August 1, 2024?
Kansai Nerolac Paints announced a grant of 93,498 RSUs on August 1, 2024.
19. What is the face value of the shares covered by the RSUs?
Each RSU is convertible into one equity share with a face value of Re. 1.
20. How many RSUs were vested?
Out of the total granted RSUs, 61,178 were vested.
21. How many RSUs were exercised?
Employees exercised 1,865 RSUs during the period.
22. What was the money realized from the exercise of RSUs?
The total money realized from exercising these RSUs was ₹1,865.
23. How many RSUs lapsed?
A total of 1,27,369 RSUs lapsed.
24. What is the diluted EPS after the exercise of RSUs?
The diluted EPS after the exercise of RSUs is ₹2.98.
25. What is the conversion ratio for each RSU granted?
Each RSU granted is convertible into one equity share of the company.
26. What was the revenue from operations for Q1 FY24-25 (Standalone)?
For the standalone operations, the revenue was ₹2,050.35 crores.
27. What was the revenue from operations for Q1 FY24-25 (Consolidated)?
On a consolidated basis, the revenue was ₹2,133.06 crores.
28. What was the net profit before tax and exceptional items (Consolidated) for Q1 FY24-25?
The consolidated net profit before tax and exceptional items was ₹308.09 crores.
29. What was the total comprehensive income (Consolidated) for Q1 FY24-25?
The total comprehensive income on a consolidated basis was ₹229.36 crores.
30. What were the earnings per equity share (basic) before exceptional items in Q1 FY24-25 (Standalone)?
The basic EPS before exceptional items for standalone operations was ₹2.98.