AkzoNobel India announces results for Q3 FY2015-16
Total revenue at Rs 748 crore; up by 9%.
Profit after tax at Rs 63 crore; up by 25%.
Today, the Board of Directors of AkzoNobel India Limited approved the unaudited financial results for the quarter ended December 31, 2015.
AkzoNobel India Limited (Q3 FY16 versus Q3 FY15)
- Total revenue at Rs 748 crore as compared to Rs 687 crore of the corresponding quarter of the previous year; a QoQ growth of 9%.
- Profit after tax at Rs 63 crore as compared to Rs 51 crore of the corresponding quarter of the previous year; a QoQ growth of 25%.
i. The quarter’s results also incorporate, accounting adjustment in respect of the transfer of an industrial undertaking at Panki, Uttar Pradesh. The site related to Catalyst Business was divested by the company in 2002.
ii. The results also include the gains arising from transfer of beneficial interest in certain residential apartments in Kolkata, which are surplus to the requirements of the company
Nihal Kaviratne CBE, Chairman, AkzoNobel India Limited:
“The Board at its meeting today appointed Mr. Pradip Menon as the Chief Financial Officer and Wholetime Director of the Company with effect from 01 February 2016, subject to shareholder approval. We are delighted to have him on our team. Pradip has over 20 years of experience in leadership positions in Finance, across various business lines and geographies.”
Jayakumar Krishnaswamy, Managing Director, AkzoNobel India:
“In a tough business environment, it is gratifying to report that the company has posted a 25 percent growth in its Profit after tax for the third quarter of FY 2016 on the back of robust growth from most businesses.”
“The announcement of ‘Monarch Gold’ being Colour of the Year 2016 certainly reflects AkzoNobel India’s position as a trendsetter.”
About AkzoNobel India
Present in India for 60 years and a significant player in the paints industry. Over the years, it has witnessed sustained expansion, growth and transformation. In 2008, the Company became a member of the AkzoNobel Group.
AkzoNobel India manufactures and markets a wide range of coatings covering Decorative paints Protective coatings and Specialty Chemicals. We provide solutions to many industries and sectors including automotive, consumer electronics, power, aviation, shipping and leisure craft, construction, oil and gas, water and waste water, food and beverages, etc. We supply industries and consumer with innovative products and are passionate about developing sustainable answers for our customers. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Interpon. Our employee strength is close to 1800.
AkzoNobel India has manufacturing sites, offices and distribution network spread across the country. All manufacturing facilities have state-of-art environmental management system. Its commitment to Health, Safety, Environment & Security (HSE&S) has been amongst the best in class globally, with due care being taken to protect the people and the environment.
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