Today, the Board of Directors of Akzo Nobel India Limited, a leading paints and coatings company and maker of Dulux Paints, approved the financial results for the quarter and nine months ended 31 December 2022.
Highest-ever performance in Q3 and 9M FY23 across absolute Revenue, EBIT and PAT
Q3 FY23 versus Q3 FY22:
• Revenue from operations at ₹986.8 crore, up by 8%
• EBIT from operations ₹121.8 crore, up by 12%
• PAT ₹97.4 crore up by 16%
9M FY23 versus 9M FY22:
• Revenue from operations at ₹2850.7 crore, up by 25%
• EBIT from operations ₹310.4 crore, up by 21%
• PAT ₹239.7 crore up by 11%
Commenting on the performance, Rajiv Rajgopal, Managing Director, Akzo Nobel India said,
“In the first nine months of the fiscal year, our robust 25% revenue growth has led to market share gains across businesses."
He added “We have registered a topline growth of 8% in the quarter led by a strong performance across the Coatings businesses. Decorative paints saw a relatively muted growth, retail markets were affected by monsoon in October but saw an uptick in November and December. Our double-digit profitability was driven by margin management and operating efficiencies.”
“The Board of Akzo Nobel India remains committed to creating value for its shareholders. Hence, based on the performance in the nine months ended 31 December 2022, the Board is delighted to announce an interim dividend of ₹ 25 per share for the year 2022-23,” said Mr. Oscar Wezenbeek, Chairman, Akzo Nobel India.
PRODUCT INNOVATION:The maker of Dulux paints in India, launched the upgraded ultra-premium offering in its trusted Weathershield range of exterior paints – the new Dulux Weathershield Powerflexx. Enhanced with the breakthrough Triple Defence Technology, this ‘Ghar Ka Champion’ now provides an even longer-lasting 12-year protection to home exteriors against all-weather conditions.
Akzo Nobel India’s corporate social initiatives on furthering Diversity & Inclusion by driving Skill Development and Livelihood of youth were awarded the ‘Special Jury Commendation’ at the FICCI Corporate Social Responsibility Award 2020-21.
Akzo Nobel India was also recognized by Great Place To Work® India as Top 50 India's Best Workplaces™ in Manufacturing 2023.