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Antique Stock Broking upgrades Kansai Nerolac Paints to buy, revised target price to Rs 587

Kansai Nerolac is expected to deliver better sales growth during second half of FY20.

ETMarkets.com|
Updated: Dec 03, 2019, 08.23 AM IST
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Antique Stock Broking has upgraded Kansai Nerolac Paints to buy from hold in the long term with a revised target price of Rs 587. Shares of Kansai Nerolac Paints ended down 0.55% at Rs 522.10 on Monday while the BSE Sensex closed 8.36 points up at 40,802.17.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 1319.57 crore, down -13.94% from last quarter sales of Rs 1533.30 crore and down -2.79% from last year same quarter sales of Rs 1357.48 crore. The company has reported net profit after tax of Rs 189.92 crore in the latest quarter.

The company’s top management includes Mr.A Jain, Mr.H Furukawa, Mr.H M Bharuka, Mr.Hideshi Hasebe, Mr.Hitoshi Nishibayashi, Mr.N N Tata, Mr.P P Shah, Ms.Sonia Singh. Company has BSR & Co. LLP as its auditors. As on 30-09-2019, the company has a total of 538,919,720 shares outstanding.

Investment Rationale

Kansai Nerolac is expected to deliver better sales growth during second half of FY20 as compared to first half of FY20 led by recovery in decorative paint sales and lower drop in industrial paint sales, said Antique. Recovery in East India from floods and lower drop in automotive volumes will be key catalysts, it said.

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