Akzo Nobel India, a leading Paints and Coatings company and maker of Dulux Paints, today at the Board meeting announced its unaudited financial results for the quarter ended December 31, 2020.
Performance highlights
Q3 FY21 versus Q3 FY20
• Revenue from operations at ₹ 774.6 crore, up by 7.2%
• Highest reported quarterly EBIT at ₹114.6 crore, up 18%
• Profit after tax (PAT) at ₹ 87.4 crore up 14%. PAT growth mirrored EBIT growth at 19% excluding exceptional income in previous year
Commenting on the quarter performance, Rajiv Rajgopal, Managing Director, Akzo Nobel India said, “The revival in the Indian economy as well as the festive demand helped drive revenue growth in Paints, Powder, Marine and Packaging Coatings businesses leading to a strong double-digit volume growth. Segments like power and oil & gas were impacted, while Real Estate has started to see an uptick. We have augmented our portfolio with new launches which will help us sustain revenue growth. This coupled with tight operating expense (opex) management enabled us in achieving the highest EBIT.”
“The industry is seeing inflationary pressure due to rising raw material costs and we will evaluate as the situation evolves over a period of time”, added Rajiv Rajgopal.
Mr Amit Jain, Chairman, Akzo Nobel India said, “H1 of 2020 was a challenging period as the country grappled with the pandemic. The exigency of the situation required conservation of cash, and therefore AkzoNobel India had declared a reduced dividend for 2019-20.
“With gratitude to all our shareholders who stood by us during the difficult times, we are delighted to announce a one-off Interim Dividend of INR 20 per share for the year 2020-21.”
Q3 highlights
AkzoNobel India introduces pioneering paint to support infrastructure plans
The Indian government’s efforts to provide the country with world class infrastructure have been boosted by the introduction of Dulux Professional Weathershield Anti-Carb which also complies with the specifications laid by the Ministry of Road, Transport & Highways.
AkzoNobel India supports Atmanirbhar Bharat initiative
AkzoNobel Paint Academy organized vocational skill training in Decorative Paints for transgenders, prison inmates, women and juveniles as part of Diversity & Inclusion (D&I) initiative. Support was also provided to help them find relevant jobs. This is in line with the government’s vision of an Atmanirbhar Bharat or self-reliant India.