IAkzo Nobel Q4 net down 12.64 per cent at Rs 54.6 crore

Paints and coatings maker Akzo Nobel India today reported a 12.64 per cent decline in net profit at Rs 54.6 crore for the quarter ended March 31, due to fall in other income.
The company had posted a net profit of Rs 62.5 crore for the corresponding period previous fiscal, Akzo Nobel India said in a filing to BSE.
Net sales of the company stood at Rs 601.2 crore for the fourth quarter of this fiscal, up 14.60 per cent compared with Rs 524.6 crore for the same period ended March 31, 2014.
Other income during the quarter stood at Rs 22.5 crore as against Rs 51.1 crore in the corresponding quarter last year.

Commenting on the result, AkzoNobel India Managing Director Jayakumar Krishnaswamy said: "Despite tough market conditions in FY 2013-14, it is gratifying to see the company recording a revenue growth of 9 per cent. After absorbing cost pressures due to rupee depreciation, particularly in mid-2013, and continuing investment in brands and capability building, the operating profit has been sustained at previous year's level."
"We have also commissioned a factory at Gwalior, manufacturing water-borne decorative paints. Established at an investment of Rs 140 crore, this factory has enhanced our company's production capacity by 30 per cent," he added.
Shares of Akzo Nobel India today closed at Rs 828.20 per scrip on BSE, up 1.90 per cent from their previous close.