Kansai Nerolac Paints permits the deal of Selling Lands to Aethon Developers

Kansai Nerolac Paints enters into definitive agreements for the conveyance of lease with Aethon Developers,a subsidiary of Runwal Developers,for an agreegate consideration of Rs.726 crore.In the month of December 2023, the company approves a proposal for entering into an agreement for sale of its land parcel in Lower Parel, Mumbai.

It says in a BSE filing that, ‘The board of directors have approved a proposal for monetization of idle land parcels of the company not being put for productive use’’.In the month of September 2024, the company has entered into a deed of conveyance with Bombay Zoroastrian Jashan Committee (BZJC) to purchase of the revisionary rights of a land parcel at Lower Parel for the consideration of Rs.48 crore.

The company, which is a subsidiary of Japan's Kansai Paint Co., had records a net profit of Rs 225 crore for the quarter-ended June, in comparison to Rs 734 crore in the same quarter last year, according to an exchange filing. Revenue for the three months ended June had declined by 1.1% year-on-year to Rs 2,133 crore. Analysts tracked by Bloomberg had projected revenue of Rs 2,195 crore.

For the first quarter of the financial year 2024–25, the firm reported 69.3% year-on-year decline in net profit, beating analysts' estimates. It was above the Rs 205.1 crore estimates by analysts’ data provided by Bloomberg.Operating income, which represents Ebitda, had declined by 0.7% year-on-year to Rs 329 crore. The Ebitda margin remained unchanged at 15.4%. Analyst projections from Bloomberg for Ebitda and the Ebitda margin were Rs 296.1 crore and 13.5%, respectively.