*Kansai Nerolac Paints Ltd.* | *CMP* Rs. 544 | *M Cap* Rs. 29336 Cr | *52 W H/L* 678/481
(Nirmal Bang Retail Research)
*Result is below expectations*
Revenue from Operations came at Rs. 1520.7 Cr (15.1% QoQ, 16.2% YoY) vs expectation of Rs. 1492.4 Cr, QoQ Rs. 1321.6 Cr, YoY Rs. 1308.9 Cr
EBIDTA came at Rs. 164.7 Cr (-13.2% QoQ, -37.3% YoY) vs expectation of Rs. 238 Cr, QoQ Rs. 189.7 Cr, YoY Rs. 262.8 Cr
EBITDA Margin came at 10.8% vs expectation of 15.9%, QoQ 14.4%, YoY 20.1%
Adj. PAT came at Rs. 98.5 Cr vs expectation of Rs. 156.8 Cr, QoQ Rs. 118.9 Cr, YoY Rs. 170.1 Cr
Quarter EPS is Rs. 1.8
Share is trading at P/E of 38.3x FY23E EPS