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ICICI Direct Report
Kansai Nerolac Paints Ltd.'s revenues increased 13% YoY to Rs 1694 crore, slightly ahead of estimate. Decorative paint demand remained robust led by construction chemical, wood finishes and project sales.
However, industrial paint demand remained muted due to lower demand from the automotive segment.
We believe Kansai Nerolac's decorative segment volume growth came in at ~9% YoY while industrial paint volume growth was in the range of 4-5%.
Price hikes in the decorative paint segment were ~11% during Q3 FY22. Cumulative price hike in the decorative and industrial paint were 21% and 18% year-to-date, respectively.
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