Kansai Nerolac Logs Strong Q3 Performance On All Fronts: ICICI Direct 
A day labourer holds a paint roller in Noida, Uttar Pradesh, on Jan. 20, 2020. (Photographer: Prashanth Vishwanathan/Bloomberg)

Kansai Nerolac Logs Strong Q3 Performance On All Fronts: ICICI Direct 


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ICICI Direct Report

Kansai Nerolac Paints Ltd.’s Q3 FY21 performance was ahead of our estimate with overall volume growth coming in at approximately 20% YoY (versus our estimate 15%).

Though on a low base, industrial paint segment volume growth at ~19% (our estimate) was led by strong demand revival in automotive industry.

On the decorative front, volume growth at ~21% YoY was supported by strong festive demand from rural and semi urban regions.

Also, opening up of metro and tier-I cities aided volume growth during the period.

Click on the attachment to read the full report:

ICICI Direct Kansai Nerolac Q3FY21 Result Update.pdf


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