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Thursday, July 25, 2024

Kansai Nerolac Paints Set to Sell Lower Parel Land Parcel to Aethon Developers for Rs 726 Crore

The board of directors at Kansai Nerolac Paints has greenlit a proposal to engage in a sales agreement with Aethon Developers, a subsidiary of Runwal Developers, for the disposal of the company’s land parcel located in Lower Parel, Mumbai. The deal, encompassing the land and its associated building, is valued at Rs. 726 crore.

In a filing with the Bombay Stock Exchange (BSE), the company stated, “The board of directors have approved a proposal for monetization of idle land parcels of the company not being put for productive use.”

During the quarter concluding on September 30, 2023, Kansai Nerolac Paints witnessed a robust 57.79% surge in its net consolidated profit. The profit after tax reached Rs 175.48 crore, a substantial increase from the Rs 111.21 crore recorded in the corresponding quarter of the previous fiscal year.

The net consolidated total income for Q2 FY24 amounted to Rs 1,978.56 crore, reflecting a growth of 2.25% compared to the Rs 1,935.03 crore recorded in the similar quarter of the preceding year.

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