Paints maker AkzoNobel India reports 5 pc decline in Q2 profit
However, its total income during the reported quarter was up 8.33 per cent to Rs 721.88 crore as against Rs 666.36 crore in the year-ago period.
Paints and coatings maker AkzoNobel India on Saturday reported 4.91 per cent decline in standalone net profit at Rs 36.75 crore for the second quarter ended September 30, 2018, on account of higher tax incidence.
"Net profit for the quarter at Rs 37 crore reflected a higher tax incidence compared to corresponding quarter of previous year, which included a tax refund, resulting in a decline of 5 per cent," the company said in a statement.
AkzoNobel India Managing Director Rajiv Rajgopal said margins were impacted by an increase in raw material cost, depreciation of the rupee and unfavourable sales mix.
(With inputs from agencies.)