Industry News

Goodlass Nerolac Announces FY 04-05 Q2 Results

Published on 2004-11-04. Author : SpecialChem

Mumbai, India -- Goodlass Nerolac Paints Limited, one of the largest paint companies in the country, has announced growth in profits of over 55% for its second quarter ended September 30, 2004. At the Board meeting held, the company declared Gross Sales of Rs. 287.80 crore for the quarter ended 30th September 2004. While the profit before tax increased by 52.17% and stood at Rs. 42.76 crore, the net profit of the company for the quarter increased by 55.76% over the corresponding period last year and stood at Rs. 29.22 crore.

On a cumulative basis, gross sales for the six months ended 30th September 2004, at Rs. 518.30 crore is up by 13% as compared to the gross sales of the corresponding period of the previous year, which was at Rs. 457.94 crore. Net Profit for the first half year of 2004-05 is at Rs. 44.74 crore, up by 61% compared to Rs. 27.71 crore of the corresponding period of the previous year.

Commenting on the announcement, Mr. H. M. Bharuka, Managing Director, Goodlass Nerolac mentioned, "Our outstanding performance this quarter has been achieved as a result of renewed vigour and aggressive marketing strategies, both in the decorative as well as the industrial paints businesses. The substantial jump that we have achieved in our bottom line, we feel, is by far the best in the industry. The coming months will see us focus more on strengthening our branding & distribution strategy, and at the same time, increasing investments in R&D and ensuring the best product deliveries to our valued customers."

Goodlass Nerolac Paints has been at the forefront of paint manufacturing for more than 80 years pioneering a wide spectrum of quality paints. Goodlass Nerolac is the second largest paint company in India and undisputed leader in Industrial segment, having a group turnover of more than 1000 crore. The company has four strategically located manufacturing units all over India and a strong dealer network of over 11000 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.

Source: Goodlass Nerolac Paints

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