Paints and coatings company Akzo Nobel India today reported a 46.65 per cent decline in net profit at Rs 27.01 crore for the third quarter ended on December 31 due to special dividend payout.
The company had posted a net profit of Rs 50.63 crore for the corresponding quarter in the previous fiscal, Akzo Nobel India said in a statement.
However, net sales of the company rose to Rs 643.93 crore for the quarter under consideration from Rs 594.05 crore in the same period a year ago.
Commenting on the results, Akzo Nobel India Whole-time director & CFO Himanshu Agarwal said:" The special dividend' payout in this financial year has led to a reduction in our cash surplus and also resulted in a drop in investment income, which is largely responsible for the PAT being lower when compared to the previous year's corresponding quarter".
Meanwhile, in a seperate filing Akzo Nobel informed that Jayakumar Krishnaswarny has been appointed as Managing Director of the Company in its board meeting held today.
Shares of Akzo Nobel India today closed at Rs 799.45 per scrip, down 0.11 per cent from its previous close on the BSE.
