Goodlass Nerolac Q2 net profit up by 33%; sales up by 20%

Mumbai: Goodlass Nerolac Paints Ltd, the second-largest paint company in India, has announced its unaudited financial results for the second quarter ended 30 September 2003.

The company has registered gross sales of Rs 261.58 crore in Q2 of the current financial year, an increase of 20 per cent as compared to Rs 217.98 crore of the corresponding quarter of the previous financial year.

The company has posted a profit before tax of Rs 28.10 crore for the current quarter as against Rs 20.64 crore of the previous year, registering a 36.14-per cent increase in the profit before tax. The profit after tax has increased by 33.14 per cent to Rs 18.76 crore in the current Q2 compared to Rs 14.09 crore in the previous year's Q2.

On a cumulative basis, gross sales for the six months ended 30 September 2003 at Rs 457.94 crore is up by 18.80 per cent as compared to the gross sales of the corresponding period of the previous year, which was at Rs 385.46 crore. The net profit for the first half year of 2003-04 is at Rs 27.71 crore, up by 38.96 per cent compared to Rs 19.94 crore of the corresponding period of the previous year.

Goodlass Nerolac Paints has been at the forefront of paint manufacturing for more than 80 years, pioneering a wide spectrum of quality paints. It is the second-largest paint company in India and the undisputed leader in the industrial segment, having a group turnover of over Rs 850 crore.

The company has five strategically located manufacturing units all over India and a strong dealer network of over 11,000 dealers across the country. The company manufactures a diversified range of products ranging from architectural coatings for homes, offices, hospitals and hotels to sophisticated industrial coatings for most of the industries.