The 2022-23 (FY23) January-March quarter performance of the country’s largest listed paint companies was better than Street expectations. Asian Paints, Berger Paints, and Kansai Nerolac Paints (Kansai Nerolac) registered double-digit revenue growth, compared with the year-ago quarter, reinforced by strong volume/value growth. Falling raw material prices also helped the paint majors hoist their gross margins.
On a consolidated basis, Kansai Nerolac was slightly ahead of its bigger peers, chronicling revenue growth of 12.8 per cent year-on-year (YoY), compared to the 11.3–11.7 per cent growth registered by its peers. While growth was broad-based across segments, the company saw increased traction in the industrial segment due to higher production by automotive companies. The company highlighted it had gained market share across industrial paint categories.
Price hikes, especially in the industrial segment, moderating input costs, and
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