AkzoNobel India net profit down 6.7% in Q2

Paint major AkzoNobel India on Thursday reported a 6.7 per cent decline in its standalone net profit to Rs 38.79 crore in the quarter ended September 30, 2017 as compared to Rs 41.59 crore in the year-ago period.

On a comparable basis, its revenue from operations, during the quarter, was at Rs 704.49 crore, growing by about three per cent from Rs 685.83 crore in the corresponding quarter of the previous year.

Of the total revenue from operations, the coatings segment contributed Rs 660.8 crore in the year-ago period.

"Headwinds due to high raw materials costs have impacted the business during the quarter. Though sales returned to growth during the quarter, the pick-up has been slower than anticipated," said company's Managing Director Jayakumar Krishnaswamy.

The paint maker also said its total expenses during the quarter were at Rs 656.80 crore, as against Rs 704.47 crore in the year-ago quarter.

--IANS

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