NE BUSINESS BUREAU
CHENNAI, MAY 19
Paints and coatings maker Akzo Nobel India Ltd on Thursday reported a 13.94 per cent increase in consolidated net profit to ₹108.7 crore in the fourth quarter ended March 2024, driven by volume growth.
The company had posted a consolidated net profit of ₹95.4 crore in the same quarter previous fiscal, Akzo Nobel India Ltd said in a regulatory filing.
- Revenue from operations rises 2% YoY at ₹973.4 crore as compared to ₹951.4 crore in the year-ago period
- For the full fiscal year 2024, revenue from operations up 4% YoY to ₹3,961.6 crore driven by significant volume growth
Revenue from operations rose 2% YoY at ₹973.4 crore as compared to ₹951.4 crore in the year-ago period, driven by strong double-digit volume growth. Earnings before interest and tax (EBIT) from operations stood at ₹140 crore, up by 6%.
Akzo Nobel India’s revenue from operations rose 4% YoY to ₹3,961.6 crore driven by significant volume growth in FY24. The company reported EBIT from operations at ₹549.8 crore, up 24% YoY. Net profit for the year stood at ₹426.7 crore, up by 27% YoY. The board announced a final dividend of ₹25 per share taking the recommended total dividend for FY24 to ₹75 per share.
For the full fiscal year 2024, revenue from operations rose 4% YoY to ₹3,961.6 crore driven by significant volume growth. The company reported EBIT from operations at ₹549.8 crore, up 24% YoY. Net profit for the year stood at ₹426.7 crore, up by 27% YoY. The board announced a final dividend of ₹25 per share taking the recommended total dividend for FY24 to ₹75 per share.
The firm launched Dulux Professional Interior A100, its affordable acrylic distemper during the quarter in its professional range of products. The company said RELEST blade protection products from its international range of marine and protective coatings were expanded with the launch of RELEST Wind WB Topcoat LI.
Rajiv Rajgopal, chairman and managing director of the company said Akzo Nobel India closed FY24 with new highs in absolute performance across revenue, gross margin, EBIT from operations and net profit.
“While doing so, our double-digit profitable momentum of five years gained further traction. In the fourth quarter, double-digit volume gains were made in our operating segments and saw an expected moderation on account of the industry-wide price corrections with demand being driven by value and B2B business. Sustained raw material deflation and favourable mix allowed us to invest in brand awareness and growth while delivering further margin and profit expansion,” he said.
