 "AkzoNobel Q4 net rises 17% to Rs 52.6 cr")
Paints and coating materials major AkzoNobel India posted Rs 52.6 crore net profit in the January-March, 2016 quarter compared to Rs 44.6 crore during the same quarter last year. It profit surged 18% on a year on year (y-o-y) basis, due to subdued raw material costs and lower employee benefits expenses. Its net sales rose 14.7% to Rs 662.5 crore from Rs 577.8 crore during the quarter.
“In a challenging environment, we saw growth momentum picking up in the latter half of the year and the last quarter was strongest for us in terms of revenue growth. Our operating profit grew by 52% over last year. The company posted revenue and operating profit growth of 8% and 20% respectively for FY 2015-16," Jayakumar Krishnaswamy, managing director, AkzoNobel India said.
During 2015-16, AkzoNobel’s net sales grew by 8.6% to Rs 2,683 crore from Rs 2,470 crore in 2014-15. Its net profit stood at Rs 202 crore compared to Rs 186 crore – up by 8.5% on a y-o-y basis.
The company has announced a special dividend of Rs 50 in addition to Rs 20 dividend per share. AkzoNobel’s stock went down by 0.29% to Rs 1,364.10 at the close of the market in Bombay Stock Exchange. The BSE index fell 1.17% to 25,489.57 points.
