Kansai Nerolac Paints likely to raise prices

Kansai Nerolac Paints plans to raise prices by about 2% across its decorative range from July 1, 2011. The company had hiked prices by about 4% on May 1, 2011. The paint makers raise prices together depending on input costs, given the intense competition.

The company had raised its prices tree times last year totaling 12% due to which the cost impact was passed on to the end-user. This would be the second hike in current year after May 01 hike.

Kansai Nerolac Paints has reported a surge of 74% in its net profit at Rs 58.86 crore for the quarter ended March 31, 2011 against Rs 33.92 crore for the quarter ended March 31, 2010. The company has reported net sales / income from operations of Rs 520.54 crore for the quarter ended March 31, 2011 against Rs 423.77 crore for the quarter ended March 31, 2010.