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Stock Report
AkzoNobel India announces Q3 FY 2020-21 results
Posted On : 2021-02-09 17:13:24( TIMEZONE : IST )
Akzo Nobel India, a leading Paints and Coatings company and maker of Dulux Paints, today at the Board meeting announced its unaudited financial results for the quarter ended December 31, 2020.
Q3 FY21 versus Q3 FY20
- Revenue from operations at ₹ 774.6 crore, up by 7.2%
- Highest reported quarterly EBIT at ₹114.6 crore, up 18%
- Profit after tax (PAT) at ₹ 87.4 crore up 14%. PAT growth mirrored EBIT growth at 19% excluding exceptional income in previous year
Commenting on the quarter performance, Rajiv Rajgopal, Managing Director, Akzo Nobel India said, "The revival in the Indian economy as well as the festive demand helped drive revenue growth in Paints, Powder, Marine and Packaging Coatings businesses leading to a strong double-digit volume growth. Segments like power and oil & gas were impacted, while Real Estate has started to see an uptick. We have augmented our portfolio with new launches which will help us sustain revenue growth. This coupled with tight operating expense (opex) management enabled us in achieving the highest EBIT."
"The industry is seeing inflationary pressure due to rising raw material costs and we will evaluate as the situation evolves over a period of time", added Rajiv Rajgopal.
Mr Amit Jain, Chairman, Akzo Nobel India said, "H1 of 2020 was a challenging period as the country grappled with the pandemic. The exigency of the situation required conservation of cash, and therefore AkzoNobel India had declared a reduced dividend for 2019-20.
"With gratitude to all our shareholders who stood by us during the difficult times, we are delighted to announce a one-off Interim Dividend of INR 20 per share for the year 2020-21."
Shares of Akzo Nobel India Limited was last trading in BSE at Rs.2260 as compared to the previous close of Rs. 2270.6. The total number of shares traded during the day was 564 in over 179 trades.
The stock hit an intraday high of Rs. 2285.1 and intraday low of 2260. The net turnover during the day was Rs. 1279314.
