AkzoNobel India announces Q1 FY 2017-18 results
Today, the Board of Directors of Akzo Nobel India Limited approved the unaudited financial results for the quarter ended June 30, 2017.
Q1 FY18 versus Q1 FY17
- Net Sales at ₹783 crore as compared to ₹773 crore of the corresponding quarter of the previous year.
- Profit after tax at ₹41 crore as compared to ₹64 crore of the corresponding quarter of the previous year.
Jayakumar Krishnaswamy, Managing Director, AkzoNobel India:
- “The quarter’s performance has been impacted due to slow sales growth and higher input prices. The process towards the transition to GST also had an adverse impact.
- We have transitioned smoothly to the GST environment with zero disruption to business operations. With good monsoons and the markets picking up post introduction of GST, we expect improved sales performance in the coming months.
- Pursuing the skill development agenda of the Government of India under our Human Cities initiative, the company has reached a milestone of training 1000 youth in basic painting skills, to open up gainful employment opportunities.
- We continue to invest in growth as per our strategy, with an anticipated capital spend of ₹80-100 cr in the current year. This would include commissioning of Powder Coatings facility and expansion of digital marketing and colour solutions machines in customer facing areas.”
After an association of 8 years with the Company, Mr Nihal Kaviratne CBE will retire as Chairman of the Company at the conclusion of the Annual General Meeting to be held today. Mr. Amit Jain, who has been on the Board since 2009 (including as the Managing Director during 2009-2013), will take over as Non-Executive Chairman of its Board from 15 August 2017.
About AkzoNobel India:
AkzoNobel creates everyday essentials to make people’s lives more liveable and inspiring. As a leading global paints and coatings company and a major producer of specialty chemicals, we supply essential ingredients, essential protection and essential colour to industries and consumers worldwide. Backed by a pioneering heritage, our innovative products and sustainable technologies are designed to meet the growing demands of our fast-changing planet, while making life easier. Consistently ranked as a leader in sustainability, we are dedicated to energising cities and communities while creating a protected, colourful world where life is improved by what we do.
AkzoNobel India has been present in India for over 60 years and is a significant player in the paints industry. In 2008, the company became a member of the AkzoNobel Group. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Interpon. With employee strength of close to 1,900, AkzoNobel India has manufacturing sites, offices and a distribution network spread across the country. All manufacturing facilities have a state-of-the art environmental management system. Its commitment to Health, Safety, Environment & Security (HSE&S) has been among the best in class globally, with due care being taken to protect the people and the environment
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