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ICICI Securities Report
In our view, paint industry, particularly peers and larger players have likely outperformed Kansai Nerolac Paints Ltd. in Q4.
Highlights from its Q4:
After strong Q4 FY21 and healthy sales in three weeks of April 2021, sales have declined. Almost 70% of depots and 90% of dealers are closed now.
The company has raised prices by 2.5% in March 2021, partly covering input inflation of ~13%. It is in discussion with automotive original equipment manufacturers for price hikes and have raised prices by 3-8% of some subsegments of Industrial paints.
It continues with the capex guidance of Rs 2.8 billion in FY22 as, part of it, is critical for value engineering.
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