India's Kansai Nerolac Q1 adjusted profit rises on automotive demand
BENGALURU, July 29 (Reuters) -India's Kansai Nerolac Paints KANE.NS posted a 4% year-on-year rise in first-quarter adjusted profit on Monday, aided by continued demand for automotive coatings.
The company, owned by Japan's Kansai Paint Co 4613.T, said its consolidated profit before exceptional items and tax in the quarter ended June 30 rose to 3.08 billion rupees ($36.8 million) from 2.95 billion rupees a year ago.
The company, in the corresponding quarter a year ago, had reported an exceptional receipt of 6.61 billion rupees for an asset sale.
For further earnings highlights, click [full story]
KEY CONTEXT
Indian paint makers have benefitted from growing infrastructure activity, real estate demand and automotive sales. However, the sector has seen greater competition with the entry of Grasim Industries GRAS.NS earlier this year, prompting companies to lower prices to prop up sales.
India's biggest paint maker Asian Paints ASPN.NS missed quarterly profit estimates due to declining demand and price cuts.
Berger Paints BRGR.NS and Akzo Nobel India AKZO.NS are set to report quarterly results in August.
PEER COMPARISON
Valuation (next 12 months) | Estimates(next 12 months) | Analysts' sentiment | |||||||
RIC | PE | EV/EBITDA | Revenue growth % | Profit growth % | Mean rating* | # of analysts | Stock to price target** | Div yield (%) | |
Kansai Nerolac Paints | KANE.NS | 29.83 | 18.59 | 8.77 | 25.53 | Hold | 11 | 0.87 | 0.91 |
Asian Paints | ASPN.NS | 53.46 | 36.78 | 6.39 | -2.63 | Hold | 34 | 1.01 | 1.15 |
Berger Paints India | BRGR.NS | 49.04 | 30.79 | 8.16 | 4.54 | Sell | 20 | 1.08 | 0.66 |
Akzo Nobel India | AKZO.NS | 28.99 | 18.91 | 8.93 | 3.00 | Hold | 2 | 1.09 | 2.68 |
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
APRIL-JUNE STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 83.7166 Indian rupees
APRIL-JUNE STOCK PERFORMANCE https://tmsnrt.rs/3A0ame3
Reporting by Hritam Mukherjee and Anisha Ajith in Bengaluru; Editing by Mrigank Dhaniwala
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