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Dolat Capital Report
Kansai Nerolac Paints Ltd.’s revenues de-grew 59.1% YoY to Rs 6.0 billion in Q1 FY21 primarily due to continued slowdown in the automotive segment, further aggravated by Covid-19 enforced lockdown.
Though April 2020 was a complete washout across segments, decorative business witnessed double digit volume growth in May and June. However, Industrial sales continued to remain under pressure in both months.
As raw material costs were lower due to fall in crude oil derivatives, gross margin expanded 340 basis poins in Q1—fourth consecutive quarter of gross margin expansion.
Given slowdown in automotive business, despite favourable base, automotive paints business is likely to remain subdued, going ahead.
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