AkzoNobel India announces Q2 FY 2017-18 results

Q2 FY 2017-18

Revenue from operations up 3% at ₹ 7,045 million on a comparable basis.

PAT at ₹ 388 million compared to ₹ 416 million of previous year.

Today, the Board of Directors of Akzo Nobel India Limited approved the unaudited financial results for the quarter ended September 30, 2017.

Performance highlights

Akzo Nobel India Limited

Consequent to the introduction of Goods & Service Tax (GST) with effect from 1 July 2017, excise duty, value added taxes etc. have been subsumed into GST. In accordance with the Indian Accounting Standard 18 on revenue, unlike excise duties, levies like GST, VAT, service tax etc. are not part of revenue. Accordingly the figures for the period up to 30 June 2017 are not comparable with those thereafter for revenue.

On a comparable basis, revenue grew by 3% over the corresponding quarter of the previous year.

 

Comments

Jayakumar Krishnaswamy, Managing Director, AkzoNobel India:

“Headwinds due to high raw materials costs have impacted the business during the quarter. Though sales returned to growth during the quarter, the pick-up has been slower than anticipated.”

 

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

 

Safe Harbour Statement:

This press release may contain statements which address such key issues as AkzoNobel’s growth strategy, future financial results, market positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ materially from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures.