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Paints and coatings company Akzo Nobel India today said its second quarter profit has declined 24.72% to Rs 33.73 crore due to higher tax charge and other reasons.
The company had posted a net profit of Rs 44.81 crore for the corresponding quarter in the previous fiscal, Akzo Nobel India said in a statement.
Net sales of the company rose to Rs 564.95 crore for the quarter under consideration from Rs 511.25 crore in the same period a year ago, it added.
Commenting on the results, Akzo Nobel India Managing Director Amit Jain said: "On account of the special dividend payout earlier this year, there has been a reduction in the cash surplus, resulting in a drop in investment income. This, taken together with higher tax charge has led to a lower PAT compared to the previous year's corresponding quarter."
In the first half of the fiscal, company's net profit declined 35.15% to Rs 68.54 crore as against Rs Rs 105.70 crore in the year-ago period.
Net sales in H1 grew to Rs 1,126.50 crore as against Rs 1,061.02 crore in the year-ago period.
Shares of Akzo Nobel India were trading at Rs 896.50 per scrip, up 1.4% from its previous close on the BSE.
