New Delhi, Apr 20: Goodlass Nerolac Paints Ltd today reported a 50.7 per cent increase in its net profit at Rs 138.59 crore for the financial year ended March 31, 2006.
The net profit for the quarter ended March 31, 2006 is up by 11.1 per cent to Rs 20.98 crore while the total revenue for the same period stood at Rs 283.01 crore, an increase of 16.2 per cent as compared to Rs 243.50 crore in the corresponding quarter last year.
The company has recorded gross sales of Rs 1225.98 crore, registering a growth of 15.4 per cent as against Rs 1062.75 crore in the previous year.
''The boom in infrastructure has helped us to increase our sales in the decorative segment. Our investment and continuous effort in R&D have resulted in amplifying growth for the company,'' Goodlass Nerolac Paints Managing Director H M Bharuka said.
''Henceforth the company will be known as Kansai Nerolac Paints Ltd. With Kansai owning an equity stake of 64.52 per cent in the company, this is a logical decision to move to a new name thus adding value to the company,'' he added.
Goodlass Nerolac Paints has been in the forefront of the paint manufacturing business for more than 85 years pioneering a wide spectrum of quality paints.
It is the second largest paint company in India and a leading player in the segment, with a annual turnover of Rs 1,226 crore.