Net Sales at ₹691 crore; up by 9.2%.
Profit after tax ₹64.3 crore; up by 37.5.%.
Today, the Board of Directors of AkzoNobel India Limited approved the unaudited financial results for the quarter ended June 30, 2016.
Performance highlights
AkzoNobel India Limited (Q1 FY17 versus Q1 FY16)
- Net Sales at ₹691.1 crore as compared to ₹633.0 crore of the corresponding quarter of the previous year; a QoQ growth of 9.2%
- Operating Profit at ₹84.6 crore as compared to ₹60.7 crore of the corresponding quarter of the previous year; a QoQ growth of 39.4%
- Profit after tax at ₹64.3 crore as compared to ₹46.8 crore of the corresponding quarter of the previous year; a QoQ growth of 37.5%
Comments
Jayakumar Krishnaswamy, Managing Director, Akzo Nobel India:
“Our financial performance this quarter has been positive and proves once again that we are growing consistently despite tough market conditions. With good monsoon rains and impending festive season, we expect a good offtake in the coming months. In line with our growth plans, the Board of Directors today has approved, setting up a Powder Coating manufacturing facility in Mumbai, with an installed capacity of 7000 tons.”
About AkzoNobel India
AkzoNobel creates everyday essentials to make people’s lives more liveable and inspiring. As a leading global paints and coatings company and a major producer of specialty chemicals, we supply essential ingredients, essential protection and essential colour to industries and consumers worldwide. Backed by a pioneering heritage, our innovative products and sustainable technologies are designed to meet the growing demands of our fast-changing planet, while making life easier. Consistently ranked as a leader in sustainability, we are dedicated to energising cities and communities while creating a protected, colourful world where life is improved by what we do.
AkzoNobel India has been present in India for over 60 years and is a significant player in the paints industry. In 2008, the company became a member of the AkzoNobel Group. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Interpon. With employee strength of close to 1,900, AkzoNobel India has manufacturing sites, offices and a distribution network spread across the country. All manufacturing facilities have a state-of-the art environmental management system. Its commitment to Health, Safety, Environment & Security (HSE&S) has been among the best in class globally, with due care being taken to protect the people and the environment.
Company Contacts
Investor Relations, AkzoNobel India:
R Guha, investor.india@akzonobel.com; +91-124-2540400
Country Communications, AkzoNobel India:
Joya Ahluwalia, joya.ahluwalia@akzonobel.com; +91-124-4852400
Safe Harbour Statement
This press release may contain statements which address such key issues as Akzo Nobel’s growth strategy, future financial results, market positions, product development, products in the pipeline, and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecasted and actual results to differ materially from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures.