Akzo Nobel Q1 net up 59% at Rs 55.18 crore

Company had posted net profit of Rs 34.81 crore in the corresponding quarter a year ago

Paints and coatings maker Akzo Nobel India today reported a 58.51% jump in net profit at Rs 55.18 crore for the first quarter ended June 30, 2014 on the account of higher other income.

It had posted net profit of Rs 34.81 crore in the corresponding quarter a year ago, Akzo Nobel said in a BSE filing.

The company's net sales for the quarter under review increased by 11.82% to Rs 627.93 crore, compared to Rs 561.55 crore in the first quarter of 2013-2014.

Commenting on the result, Akzo Nobel India Managing Director Jayakumar Krishnaswamy said: "The profit from business has improved by 36% over the corresponding quarter of the last year on account of consistent cost management initiatives in addition to a solid revenue growth."

Akzo Nobel reported other income of Rs 29.17 crore during the quarter under review as against other income of Rs 10.17 crore in the corresponding period last year.

Shares of Akzo Nobel India were trading at Rs 1045.15 apiece on BSE, up 2.91% from its previous close.