AkzoNobel India announces Q2 FY 2020-21 results

GurugramNov 9th, 2020    

AkzoNobel India announces Q2 FY 2020-21 results

The Board of Directors of Akzo Nobel India Limited approved the unaudited financial results for the quarter ended September 30, 2020.

Performance highlights

Q2 FY211 versus Q2 FY20

• Revenue from operations at ₹606.9 crores declined by 4% over the previous year and recovered to pre-COVID 19 levels by September 2020

• Gross Margin at ₹295.8 crores. Positive gross margin development, GM% up from previous quarter & same quarter last year, aided by benign raw material costs and cost re-engineering programmes

• EBIT from operations at ₹85.8 crores, up 64% year-on-year. EBIT% at 14% up by ~600 bps

• PAT at ₹66.3 crores, up 35%. Like to like PAT growth at 58%. Reported PAT growth lower due to benefit of tax rate change being reported in same quarter last year

Commenting on the quarterly results, Rajiv Rajgopal, Managing Director, AkzoNobel India said “Business has seen improved recovery reaching pre-COVID 19 levels in the rural and non-metro markets during the quarter. The demand in the metro cities remained muted during the quarter and has improved due to festive season and pent-up demand. Hence, we witnessed volume growth during the quarter. The revival in automotive sector benefitted our business while infrastructure, oil & gas and power segments continued to see demand challenge.”

He added, “Our profitability improvement this quarter is led by transformation initiatives taken last year, benign raw material costs and some rephasing of festival campaigns to next quarter.”

Recent highlights

AkzoNobel India relaunched Dulux SuperClean

AkzoNobel India launched Dulux SuperClean with superior washability properties. Dulux SuperClean is a premium interior emulsion with high-bind technology providing washability from common household stains keeping the walls beautiful.

Launch of Dulux Promise SmartChoice in the economy segment

AkzoNobel India unveiled Dulux Promise SmartChoice, water-based emulsion for interior and exterior walls specially formulated for the Indian market. Aimed at the economy segment, Dulux Promise SmartChoice with special anti-chalking, anti-peeling properties provides better coverage and opacity.

AkzoNobel India extends quality healthcare to 200,000 painter community through Aarogya Sakha

AkzoNobel India has partnered with Telerad Foundation to start a telehealth project, Aarogya Sakha, to improve the healthcare status of the painter community. In the first phase of this project, the healthcare service will be accessible to 200,000 painters and their families across states of Uttar Pradesh, Karnataka, Bihar, Chhattisgarh and Madhya Pradesh. Aarogya Sakha offers both audio and video consultation, thrice a week. The initiative provides impetus to AkzoNobel India’s ongoing efforts to connect blue collar communities with affordable healthcare care.