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Prabhudas Lilladher Report
We cut our FY22/23 earnings per share estimates of Kansai Nerolac Paints Ltd. by 22.7%/5.1% mainly due to twin impacts of-
1. Lower gross margins due to 13-14% input cost inflation and
2. Demand impact due to localized lockdowns and wide spread impact of Covid 19 in Q1 FY22.
The company continues to strive for higher growth in economy segments of paints, construction chemical and adhesives and new non-Japanese customer addition in auto, however Covid-19 will delay recovery by one to two quarters.
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