Akzo Nobel India, amongst the top four paint-makers in India, reported an over three per cent decline in net profit to ₹84 crore for the quarter-ending December 31, 2021, dragged down by higher raw material costs.
The profit in the year-ago-period stood at ₹87 crore.
The company, however, reported one of its highest quarterly revenues at ₹914 crore, up 18 per cent, y-o-y.
According to Rajiv Rajgopal, Managing Director, Akzo Nobel India, the revenue jump came following a “strong contribution” coming from both businesses – decorative paints and coatings.
“In decorative paints, growth was aided by the healthy festive season and projects segment. We see a continued uptick across infrastructure, power, marine and real estate segments that propelled growth in coatings business,” he said.
During the quarter under review, there was “persistent raw material inflation headwinds” which continued to impact both businesses of the company.
“However, pricing initiatives limited the margin dilution,” he said.
Meanwhile, the board of Akzo Nobel India has also recommended an interim dividend of ₹40 per share for FY22.
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