Akzo Nobel Q3 net up 88% at Rs 50.74 crore

Paints and coatings maker Akzo Nobel India today reported a 87.85% jump in net profit at Rs 50.74 crore for the quarter ended December 31, 2014 helped by lower expenses.

The company had posted a net profit of Rs 27.01 crore for the corresponding period previous fiscal, Akzo Nobel India said in a filing to BSE.

Net sales of the company stood at Rs 671.41 crore for the third quarter of this fiscal, up 4.26% as against Rs 643.93 crore for the same period ended December 31, 2013.

Akzo Nobel India Managing Director Jayakumar Krishnaswamy said: "Akzo Nobel India''s improved business performance is led by both, a robust growth in sales of high-performance products as well as a continued focus on cost management, supplemented by soft input prices, especially the crude-linked ones."

He further said: "In line with the company's growth plans, we have also introduced some new products in the market, including water-based enamel."

Overall expenses during the quarter stood at Rs 619.5 crore as against Rs 626.29 crore in the corresponding period a year ago.

Shares of Akzo Nobel India today closed at Rs 1,456.40 per scrip on BSE, down 1.23% from its previous close.