AkzoNobel's profit dips 18% to Rs 45 crore

Gurgaon-based Akzo Nobel India, which owns Dulax, posted a net profit of Rs 45 crore for the quarter ended June, 18% lower on a year-on-year basis. During the period, net sales grew 2.6% to Rs 645 crore, from Rs 628 crore in a year ago period.

The company's operating profit grew 14% to Rs 61 crore. A drop in its income from investments brought its net earnings down during the quarter.

Managing Director Jayakumar Krishnaswamy said: "Owing to continuous efforts towards improving efficiency and optimum utilisation of existing assets, the company has been able to consistently deliver and add value to our stakeholders. A healthy upswing in the operating profit is reflective of our constant pursuit of excellence and quality."

On Friday, Akzo Nobel India's stocks dipped 2.89% to Rs 1,393.55, while the benchmark BSE 30-index surged 1.88% to 28,067.31.