Akzo Nobel India Q2 Profit Surges 44% to Rs 94.2 Crore

New Delhi, Nov 2 (PTI) Paints and coatings maker Akzo Nobel India Ltd on Thursday reported a 44.03 per cent increase in its consolidated net profit to Rs 94.2 crore for the September quarter.

The company had posted a net profit of Rs 65.4 crore in the year-ago period, according to a regulatory filing by Akzo Nobel.

Its revenue from operations was up 3.24 per cent to Rs 956.3 crore during the second quarter of the current fiscal as against Rs 926.2 crore in the corresponding period of the previous fiscal.

Total expenses of Akzo Nobel, maker of Dulux paints, were down marginally to Rs 838.3 crore in the second quarter of FY 2023-24.

Akzo Nobel India total income in the September quarter was Rs 965.2 crore, up 3.67 per cent.

Commenting on the results, Akzo Nobel India Managing Director Rajiv Rajgopal said, "In Q2 FY24, we continued building on margin improvement and topline growth. Coatings business and B2B segment registered strong growth."

"In retail, softening demand and erratic rains muted sales. Improvement in gross margins was mainly attributed to easing of raw material costs coupled with favourable mix," he said.

"Operating leverage and productivity gains further contributed to our double-digit profitability," he added.

Shares of Akzo Nobel India Ltd on Thursday settled at Rs 2,435 on the BSE, up 2.01 per cent from its previous close.