Commenting on the results, Mr. H. M. Bharuka, Vice Chairman and Managing Director, Kansai Nerolac Paints Ltd said, “Continuing the trend seen in the previous quarter, the Decorative segment continued to see growth this quarter. The growth in Decorative was lower than previous quarters. The Automotive segment witnessed a negative growth this quarter. A similar slackening in demand was also seen on other OEM segments. This has led to an overall lower demand for Industrial products in general. Whilst cost pressures abated as compared to earlier quarter, prices of derivatives still remain high. During the quarter crude was not able to maintain the low levels witnessed in December and continued to rise. The rupee dollar exchange rate also continued to be volatile. The company has been able to pass on the cost increase in decorative. In Industrial the company has been only able to only partly get price increases to offset increase in material costs. This is reflected in the bottom-line. The company expects the growth momentum to be subdued for the immediate future though it is hopeful for a good momentum for the year as a whole.”
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