Goodlass Nerolac Q2 net profit rises 22.73%, net sales up 9.35%

Mumbai: Goodlass Nerolac Paints (GNPL), the second largest paint company in India, has announced its unaudited financial results for the second quarter ended 30 September 2002.

GNPL’s net profit for the quarter jumped to Rs 1,409 lakh from Rs 1,148 lakh in the corresponding quarter in 2001 — an increase of 22.73 per cent. The net sales for the quarter stood at Rs 17,549 lakh — an increase of 9.35 per cent as compared to Rs 16,048 lakh in the corresponding quarter last year.

After providing for depreciation of Rs 500 lakh in this quarter, GNPL’s profit before tax is Rs 2,064 lakh as against Rs 1,573 lakh in the corresponding quarter last year.

The GNPL board has also approved the enhancement of capacity at the company’s factory at Jainpur, Kanpur-Dehat, Uttar Pradesh, subject to statutory clearances. The board also announced the appointment of Dr J J Irani as additional director of the company with effect from 29 October 2002.