Akzo Nobel India Profit Up 4.27% in Q1, Hits Record Revenue
By Rediff Money Desk, New Delhi Aug 01, 2024 12:45
Akzo Nobel India's consolidated net profit rose 4.27% to Rs 114.6 crore in the June quarter, driven by strong volume growth and margin expansion. The company also reported record revenue and profitability.
New Delhi, Aug 1 (PTI) Paints and coatings maker Akzo Nobel India Ltd on Thursday reported an increase of 4.27 per cent in consolidated net profit to Rs 114.6 crore for the June quarter, aided by a double-digit volume growth and expansion of margins.
The company had posted a net profit of Rs 109.9 crore in the year-ago period, according to a regulatory filing from Akzo Nobel.
Its revenue from operations was up 3.71 per cent to Rs 1,036.3 crore during the quarter under review. It was Rs 999.2 crore in the corresponding period of the previous fiscal year.
This is "highest-ever absolute performance across revenue, gross margin, EBIT and PAT," said Akzo Nobel India in its earnings statement.
Total expenses of Akzo Nobel, the maker of Dulux paints, increased 3.71 per cent to Rs 891.7 crore during the quarter.
Akzo Nobel's total income during the quarter was Rs 1,046 crore, up 3.83 per cent.
Commenting on results, Chairman and Managing Director Rajiv Rajgopal said, "In the first quarter, we continued to deliver double-digit volume growth across our operating verticals driven primarily by B2B."
"Our gross margins expanded due to cost initiatives and sourcing efficiencies. We continued to invest in our brands and growth initiatives. These resulted in sustained double-digit profitability," he said.
Over the outlook, Rajgopal said, he expects "an increase in the raw material costs" in the second half of the fiscal.
"As a result, we are taking necessary pricing actions without losing competitiveness," he said.
Shares of Akzo Nobel India Ltd were trading at Rs 3,035.95 on the BSE, up 2.06 per cent from its previous close.
The company had posted a net profit of Rs 109.9 crore in the year-ago period, according to a regulatory filing from Akzo Nobel.
Its revenue from operations was up 3.71 per cent to Rs 1,036.3 crore during the quarter under review. It was Rs 999.2 crore in the corresponding period of the previous fiscal year.
This is "highest-ever absolute performance across revenue, gross margin, EBIT and PAT," said Akzo Nobel India in its earnings statement.
Total expenses of Akzo Nobel, the maker of Dulux paints, increased 3.71 per cent to Rs 891.7 crore during the quarter.
Akzo Nobel's total income during the quarter was Rs 1,046 crore, up 3.83 per cent.
Commenting on results, Chairman and Managing Director Rajiv Rajgopal said, "In the first quarter, we continued to deliver double-digit volume growth across our operating verticals driven primarily by B2B."
"Our gross margins expanded due to cost initiatives and sourcing efficiencies. We continued to invest in our brands and growth initiatives. These resulted in sustained double-digit profitability," he said.
Over the outlook, Rajgopal said, he expects "an increase in the raw material costs" in the second half of the fiscal.
"As a result, we are taking necessary pricing actions without losing competitiveness," he said.
Shares of Akzo Nobel India Ltd were trading at Rs 3,035.95 on the BSE, up 2.06 per cent from its previous close.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.74 (+ 2.62)
- 84886833
- Srestha Finvest
- 2.24 (+ 4.67)
- 34707853
- Ola Electric Mobilit
- 132.76 (+ 19.99)
- 27685743
- Suzlon Energy Ltd.
- 79.93 (+ 4.10)
- 27308498
- IFL Enterprises
- 1.22 (+ 4.27)
- 24757806
MORE NEWS
![Sebi Eases...](https://im.rediff.com/80-80/money/2024/aug/10sebi1.jpg)
Sebi Eases Compliance for Listed NCDs - New...
Sebi proposes amendments to simplify compliance requirements for entities with listed...
![Chandrasekaran:...](https://im.rediff.com/80-80/news/2018/jan/04modi.jpg)
Chandrasekaran: Learn From Indian Wisdom &...
Tata Group Chairman N Chandrasekaran emphasizes the importance of learning from Indian...
JSW Cement Files IPO Papers to Raise Rs 4,000...
JSW Cement has filed draft papers with Sebi for an IPO to raise Rs 4,000 crore. The IPO...