New Delhi, August 5 Paint-maker Akzo Nobel India reported an over one per cent rise in net profit to Rs 77 crore for the quarter ending June 30, 2022. Net profit in the year-ago period was Rs 76 crore. Total income for the period increased 50 per cent year-on-year to Rs 938 crore.
A one-time tax provision reversal of nearly Rs 17 crore last year dragged down the comparative bottom-line numbers for the current quarter, an official statement said.
According to the Managing Director, Rajiv Rajgopal, metro and Tier-I towns continued to drive growth, while inflationary pressures were felt in semi-urban and rural geographies, that saw distribution-led growth.
“A demand uptick led by automotive, marine and protective and powder, resulted in robust double-digit growth across the coatings business,” he said, adding that the company continued to address a raw material increase and currency volatility with pricing actions.
Market sources say the paint-maker had also initiated a price hike for the June quarter.