 "akzo nobel")
Paints and coatings maker Akzo Nobel India Ltd on Friday reported a 4.06 per cent decline in its consolidated net profit to Rs 83.82 crore for the third quarter ended December 2021, dragged by inflationary headwinds in raw material inputs.
The company had posted a net profit of Rs 87.37 crore during the October-December period a year ago, Akzo Nobel said in a regulatory filing.
However, its revenue from operations climbed 18.03 per cent to Rs 914.34 crore during the quarter under review, as against Rs 774.64 crore in the corresponding period of the previous fiscal.
During the quarter, Akzo Nobel India had a "price increase of 17 per cent versus the same quarter last year" and registered "highest quarterly revenue from operations", the company said in an earnings statement.
Total expenses were at Rs 808.68 crore, up 21.92 per cent from Rs 663.27 crore a year-ago.
The company's Managing Director Rajiv Rajgopal said: "Akzo Nobel India has registered its highest ever quarterly revenue in Q3 FY22 with strong contribution coming from both businesses. In decorative paints, growth was aided by the healthy festive season and projects segment."
However, he added: "This quarter, persistent raw material inflation headwinds continued to impact both businesses. However, pricing initiatives limited the margin dilution."
On the outlook, Rajgopal said:" We see a continued uptick across infrastructure, power, marine and real estate segments that propelled growth in the coatings business."
Meanwhile, in a separate filing, Akzo Nobel said its board in its meeting held on Friday recommended an interim dividend of Rs 40 per equity share for the financial year 2021-22.
Shares of Akzo Nobel India Ltd were trading at Rs 1,919.60 in afternoon trade, up 1.73 per cent from its previous close.
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