BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
In our view, paint industry, particularly peers and larger players have likely outperformed Kansai Nerolac Paints Ltd. in Q4.
Highlights from its Q4:
After strong Q4 FY21 and healthy sales in three weeks of April 2021, sales have declined. Almost 70% of depots and 90% of dealers are closed now.
The company has raised prices by 2.5% in March 2021, partly covering input inflation of ~13%. It is in discussion with automotive original equipment manufacturers for price hikes and have raised prices by 3-8% of some subsegments of Industrial paints.
It continues with the capex guidance of Rs 2.8 billion in FY22 as, part of it, is critical for engineering.
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