Akzo Nobel India posts Rs 62.50 cr net profit in Q4

Paint maker Akzo Nobel India today reported a net profit of Rs 62.50 crore for the quarter ended March 31, 2013.

The company had posted a net profit of Rs 78.24 crore in the corresponding period last year, Akzo Nobel India said in a statement.

The net income during the quarter stood at Rs 540.40 crore. It was Rs 971.75 crore in the year-ago period, it added.

"The absolute financial results of Q4 FY2012-13 are not comparable with the corresponding quarter of the previous year," the company said.

For the entire 2012-13 financial year, the company's net profit increased 8.45% to Rs 218.83 crore from Rs 201.78 crore in the previous fiscal.

The net income in FY'13 also rose 12.28% to Rs 2,231.98 crore from Rs 1,987.85 crore in FY'12, the statement said.

In its meeting, the Board of Directors has recommended a dividend of Rs 20 per equity share, alongwith a special dividend of Rs 60 per equity share, for the financial year 2012-13.

Commenting on the numbers, Akzo Nobel India Managing Director Amit Jain said: "Akzo Nobel India is well positioned to harness its potential as a leading coatings company... We continue to invest in growth, focusing on developing people capabilities, leveraging AkzoNobel's global R&D for launching innovative products and on expanding the distribution reach for multiple businesses."

Shares of Akzo Nobel India today closed trading 0.69% up at Rs 1,047.40 apiece on BSE.