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Paints and coatings firm Akzo Nobel India today reported a net profit of Rs 34.81 crore for the quarter ended June 30, 2013.
The company had posted a net profit of Rs 60.89 crore for the corresponding quarter previous fiscal, Akzo Nobel India said in a statement.
Net sales of the company, however, rose to Rs 561.56 crore for the quarter under consideration from Rs 549.77 crore for the same period year ago, it added.
The profit after tax for the quarter is not comparable with the corresponding quarter of the previous year on account of exceptional items in the corresponding quarter of previous year and change in the maturity profile of investments, Akzo Nobel India said.
Commenting on the results, Akzo Nobel India Managing Director Amit Jain said: "The muted revenue growth reflects the softening demand in the coatings and chemicals industry, across most of our business segments."
The depreciating rupee has impacted the coatings industry due to the industry's reliance on imported raw materials. This has led to unanticipated cost pressures, which the company has had to offset by selective pricing action, he added.
"Our investment income for the quarter has been impacted by the timing of maturities of FMPs; however, the underlying performance of our portfolio continues to be robust," Jain said.
Shares of Akzo Nobel India were today closed at Rs 862.15 apiece, down 2.78% from its previous close on the BSE.
