Akzo Nobel India Q2 profit down 35% to Rs 56 cr

The company had posted a net profit of Rs 86.28 crore during July-September period a year ago, Akzo Nobel said in a regulatory filing.Revenue from operations was up 22.07 per cent to Rs 740.79 crore during the quarter under review as against Rs 606.86 crore in the year-ago period.Total expenses were higher at Rs 668.60 crore as against Rs 523.61 crore of the year-ago period.Amidst an inflationary environment, Akzo Nobel India demonstrated its Grow and Deliver ambition with sustained double-digit growth in value and volume, across both businesses.

Paints and coatings maker Akzo Nobel India Ltd on Friday reported 35.4 per cent fall in consolidated net profit at Rs 55.72 crore for the second quarter ended September 2021. The company had posted a net profit of Rs 86.28 crore during July-September period a year ago, Akzo Nobel said in a regulatory filing.

Revenue from operations was up 22.07 per cent to Rs 740.79 crore during the quarter under review as against Rs 606.86 crore in the year-ago period.

Total expenses were higher at Rs 668.60 crore as against Rs 523.61 crore of the year-ago period.

"Amidst an inflationary environment, Akzo Nobel India demonstrated its Grow and Deliver ambition with sustained double-digit growth in value and volume, across both businesses. We delivered strong growth across geographies, categories and segments. We mitigated the dilution of margins through a combination of pricing and cost control initiatives," Managing Director Rajiv Rajgopal said.

During the quarter, it witnessed "unprecedented raw material inflation and supply chain disruptions" and accordingly, margin management continues to be the company's focus, he added.

Meanwhile, in a separate filing, Akzo Nobel informed R Krishna has been appointed as a Wholetime Director and Chief Financial Officer of the company with effect from December 1, 2021. ''Harshi Rastogi will be stepping down from the Board as a Wholetime Director with effect from December 1, 2021. She will continue serving as the Company Secretary & Compliance Officer," it said.

Shares of Akzo Nobel India were trading at Rs 2,112.90 apiece on Friday, down 0.49 per cent from its previous close.

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