AkzoNobel India Q1 net profit up 31 pc to Rs 57.14 cr

Paints and coatings maker AkzoNobel India on Thursday reported a 31.32 per cent rise in consolidated net profit to Rs 57.14 crore for the quarter ended June 30, 2019. The company had posted a net profit of Rs 43.51 crore in the corresponding period of the previous fiscal, AkzoNobel India said in a filing to BSE.

Consolidated revenue from operations stood at Rs 719.69 crore for the quarter under consideration as against Rs 715.69 crore for the same period a year ago. "The company continues to focus on delivering consistent profit growth through improved product mix and cost control," AkzoNobel India MD Rajiv Rajgopal said.

The company continues to see growth in decorative paints and protective coatings. However, slowdown in automotive industry and other industrial segments has impacted the overall revenue growth, he added. Shares of AkzoNobel India closed at Rs 1,755.65 per scrip on BSE, up 0.71 per cent.