Kansai Nerolac Paints shares surge 10% as Q4 profit jumps over five-fold

Kansai Nerolac Paints’ stock rose by 10% to Rs 443.4 on BSE after the company reported a five-fold increase in its consolidated net profit to Rs 96.24 crore for Q4 FY23. Its revenue from operations rose by 12.81% YoY to Rs 1,733.59 crore in the same quarter. The company has recommended a dividend of 270%, which is Rs 2.70 per share, and has approved a proposal for declaration of bonus equity shares in the ratio of 1:2, subject to shareholder approval. Analysts estimate a volume growth of 10% for the quarter, while the consensus recommendation for the stock is a hold.