Paints and coatings maker Akzo Nobel India Ltd on Tuesday reported a 27.7 per cent increase in its consolidated net profit to Rs 95.4 crore for the fourth quarter ended on March 31, 2023, helped by softening of raw material prices and cost management initiatives.
The company had posted a net profit of Rs 74.7 crore during the January-March quarter a year ago, Akzo Nobel said in a regulatory filing.
Its revenue from operations was up 9.72 per cent to Rs 951.4 crore during the quarter under review as against Rs 867.1 crore in the corresponding period of the previous fiscal.
Total expenses of Akzo Nobel were at Rs 824.9 crore, up 6.75 per cent in the last quarter of FY23 as against Rs 772.7 crore a year ago.
“In Q4, increased salience of new launches in premium category and network expansion in tier 3, 4 and 5 geographies led to growth in retail. Benefit of prior pricing actions and softening raw material prices, supported by cost management initiatives drove improved profitability – both sequentially and on a year-on-year basis,” said Akzo Nobel India Managing Director, Rajiv Rajgopal.
For the fiscal ended March 2023, Akzo Nobel India’s net profit was up 15.51 per cent to Rs 335.1 crore. It reported a net profit of Rs 290.1 crore in FY22.
Its consolidated revenue from operations was Rs 3,802.1 crore in FY23, 20.75 per cent higher than the preceding fiscal.
“In FY23 we delivered a record performance in absolute terms across revenue, gross margins and EBIT while continuing to build on our double-digit profitable journey while gaining market share,” he said.
Meanwhile, in a separate filing, Akzo Nobel India recommended a final dividend of Rs 40/- per equity share for the financial year 2022-23.
“The total dividend for the financial year aggregates to Rs 65/- per share, including the interim dividend of Rs. 25/- (Rupees twenty-five only) per share, approved by the Board on 9 February 2023 and paid subsequently,” it said.
Shares of Akzo Nobel India on Tuesday settled at Rs 2,506.20 on BSE, up 2.75 per cent from the previous close.
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