Paints and coatings firm Akzo Nobel India today reported 37.39 per cent increase in profit after tax at Rs 64.3 crore for the first quarter ended June 30.
The company had posted profit after tax of Rs 46.8 crore in the corresponding quarter of the previous year.
Net sales during the period under review stood at Rs 691.1 crore as compared to Rs 633 crore of the year-ago quarter, a growth of 9.17 per cent, Akzo Nobel India said in a statement.
Commenting on the results, Akzo Nobel India Managing Director Jayakumar Krishnaswamy said: "Our financial performance this quarter has been positive and proves once again that we are growing consistently despite tough market conditions."
With good monsoon rains and impending festive season, the company expects a good offtake in the coming months, he added.
"In line with our growth plans, the Board of Directors today has approved, setting up a Powder Coating manufacturing facility in Mumbai, with an installed capacity of 7000 tons," Krishnaswamy said without sharing further details.
Shares of Akzo Nobel India ended the day at Rs 1,609.65 apiece, up 0.30 per cent from the previous close on the BSE.
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