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Result Update: Kansai Nerolac Paints Ltd - BUY - TP Rs.600 - Kotak

Posted On: 2018-01-28 09:55:09

As per management commentary, Kansai experienced double digit YoY growth across segments led by decorative segment. The performance was impacted because of early Diwali in 2017 which preponed sales as well as base effect of demonetisation in the same quarter previous financial year. Sales was reported at Rs 11.45 bn (-1.7% QoQ and +13.5 % YoY). Management commented that inflation (including Raw material cost) was more pronounced this quarter which impacted the operational performance. Management is making efforts to increase prices and reduce various cost to counter the situation. EBIDTA was reported at Rs 1.92 bn with Ebidta margin of 16.8% (-220 bps QoQ and -120 bps YoY).Consequently PAT was reported at Rs 1.25 bn vs. our expectation of Rs 1.39 bn. However, Management is confident of strong volume and sales growth and bounce back of operational performance. Even we believe that the situation is healthy for paint companies in every segment including decorative paints, industrial as well as auto paints. Recommend BUY (from Accumulate) with an unchanged TP of Rs 600 at 44x FY20E earnings

Shares of KANSAI NEROLAC PAINTS LTD. was last trading in BSE at Rs.491.3 as compared to the previous close of Rs. 496.3. The total number of shares traded during the day was 16726 in over 881 trades.

The stock hit an intraday high of Rs. 500 and intraday low of 483.35. The net turnover during the day was Rs. 8210502.


Source: Equity Bulls

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