On a consolidated basis, Akzo Nobel India's net profit jumped 13.5% to Rs 87.37 crore on a 6.5% rise in net sales at Rs 774.64 crore in Q3 December 2020 over Q3 December 2019.
Profit before tax (PBT) rose 12.2% to Rs 117.08 crore in Q3 December 2020 as against Rs 104.37 crore in Q3 December 2019. Current tax expense for the quarter soared 15.1% to Rs 32.23 crore as against Rs 28.01 crore in Q3 December 2019. The company reported its highest quarterly EBIT at Rs 114.60 crore, growing 18% Y-o-Y (year-on-year) in Q3 FY21.
Commenting on the Q3 performance, Rajiv Rajgopal, the managing director of 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," he added.
The board has recommended an interim dividend of Rs 20 per equity share.
Shares of Akzo Nobel India rose 0.09% to Rs 2,266. Akzo Nobel India manufactures and markets a wide range of coatings and paints.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content