AkzoNobel Q4 net profit rises 17.7% to Rs 52.57 crore

Paints and coatings maker AkzoNobel India today reported an increase of 17.76 per cent in its standalone net profit at Rs 52.57 crore for the fourth quarter ended on March 31, 2016.
It had posted a net profit of Rs 44.64 crore in the January-March quarter a year ago, AkzoNobel said in a statement.
AkzoNobel's net sales during the quarter under review stood at Rs 662.45 crore, up 14.65 per cent, as against Rs 577.76 crore in the same period of the previous fiscal.
For FY 2015-16, AkzoNobel reported a standalone net profit of Rs 202.10 crore, up 8.47 per cent, as against a net profit of Rs 186.31 crore in the previous fiscal.

Its net sales during the fiscal rose 8.63 per cent to Rs 2,683.10 crore as compared to Rs 2,469.79 crore in 2014-15.
"In a challenging environment, we saw growth momentum picking up in the latter half of the year. Q4 was strongest with a revenue growth of 14 per cent and profit from operation growing by 52 per cent over last year. The company posted revenue and operating profit growth of 8 per cent and 20 per cent, respectively for FY 2015-16," AkzoNobel India Managing Director Jayakumar Krishnaswamy said.

Meanwhile, in a separate filing, AkzoNobel informed that its board in a meeting held today has recommended a dividend of Rs 20 per share for the year ended March 31, 2016.

In addition, the board has also recommended a special dividend of Rs 50 per share, which will be paid after the shareholders' approval.
AkzoNobel India Chairman Nihal Kaviratne said: "2015-16 has been a successful year for AkzoNobel India with the company achieving robust revenue and profit growth. To mark our fifth year anniversary as a merged entity, it gives me immense pleasure to announce that the board has recommended a special dividend of Rs 50 in addition to the normal dividend of Rs 20 per share."
AkzoNobel shares today settled at Rs 1364.10 on BSE, down 0.29 per cent from the previous close.