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