AkzoNobel's reports 59% rise in net for Q1

Paints and specialty chemicals maker AkzoNobel India’s net profit for the first quarter ended June 30, 2014 rose by 58.51% to Rs 55.18 crore from Rs 34.81 crore in the corresponding quarter a year ago. AkzoNobel’s net sales for the quarter under review increased by 11.82% to Rs 627.93 crore, compared to Rs 561.55 crore in the first quarter of 2013-2014.
 
Jayakumar Krishnaswamy, Managing Director, AkzoNobel India, said, “AkzoNobel India has been able to kickstart the fiscal year with favourable results in its first quarter. The strong business performance has resulted in a 12% increase in our revenues. Moreover, the profit from business has improved by 36% over the corresponding quarter of the last year on account of consistent cost management initiatives in addition to a solid revenue growth.”
 
He added, “The last few months have been eventful. In April this year, one of our decorative paint products, Dulux Superclean, was accorded the ‘Product of the Year’ within the paints category. In July this year, we opened an agrochemicals lab for our surface chemistry business and inaugurated a production facility for our packaging coatings business.”
 
Akzo Nobel reported other income of Rs 29.17 crore during the quarter under review as against other income of Rs 10.17 crore in the corresponding period last year.