Today, the Board of Directors of Akzo Nobel India Limited approved the unaudited financial results for the quarter ended June 30, 2018.
Performance highlights
Q1 FY19 versus Q1 FY18
- Revenue from operations at ₹716 crore up 10% on a comparable basis
- Profit after tax at ₹44 crore up 11% on comparable basis Comments
Jayakumar Krishnaswamy, Managing Director, AkzoNobel India:
- Business continued to progress well during the quarter, despite significant raw material headwinds.
- Reduction in GST rate for Paints from 28% to 18% is expected to drive demand. Benefits arising from rate reduction are being passed on to the customers.
- As part of making positive societal contributions to the communities in which we operate, AkzoNobel Paint Academy reached another milestone of training 2,500 youth. We also introduced an on-the-go training facility in the Vehicle Refinish area; a specially designed vehicle named Kaushal Vahan has been launched in Punjab to help local garage painters improve their painting skills. Based on the response, the initiative will be extended to other regions.
About AkzoNobel:
AkzoNobel has a passion for paint. We’re experts in the proud craft of making paints and coatings, setting the standard in color and protection since 1792. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. Headquartered in the Netherlands, we operate in over 80 countries and employ around 35,000 talented people who are passionate about delivering the high performance products and services our customers expect. The sale of our Specialty Chemicals business is expected to be completed by the end of 2018.
About AkzoNobel India:
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. With employee strength of over 1,800, 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.
Safe Harbour Statement:
This press release may contain statements which address such key issues as AkzoNobel’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.
Company Contacts
Investor Relations, AkzoNobel India:
R Guha, investor.india@akzonobel.com; +91-124-2540400
Country Communications, AkzoNobel India
Prerna Arun, prerna.arun@akzonobel.com; +91-124-4852400