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IDBI Capital Report
Kansai Nerolac Paints Ltd. result was below our estimates due to higher than expected raw material cost pressure.
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Business recovery remained strong driven by resilient volume growth and price hikes (driven by input cost pressure).
In the international market; the company improved operating profit margins in Nepal and Bangladesh while reduced Ebitda loss in Srilanka during FY21.
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Raw material cost inflation remained a major concern.
However, the company has been able to take price hike in decorative (by 2.5%) and industrial coatings (by 3-4%) businesses to offset inflation.
Management expects the raw material cost to subside due to tepid demand.
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