Goodlass Nerolac announces FY 2004-05 Q1 results

Mumbai: Goodlass Nerolac Paints Limited, one of the largest paint companies in the country, has announced a record growth of over 17 per cent in the first quarter of FY 2004-05. The company declared gross sales of Rs230.50 crore for the quarter ended June 30, 2004. While the profit before tax increased by 77 per cent, the net profit of the company for the quarter increased by 73 per cent over the corresponding period last year and stood at Rs15.52 crore.

The annual general meeting concluded with a shareholder-approved dividend of 125 per cent for the FY 2003-04 and a bonus issue of 2:3.

Commenting on the announcements, HM Bharuka, managing director, Goodlass Nerolac, mentioned, "Our sales this quarter have been amply accentuated by the industrial business. As a result of the price increase last May in the decorative business, the base this year was quite high. However, we have been able to absorb the same and perform better than the industry."