Q3 FY 2016-17
Total revenue at ₹ 813 crore; up 2% Operating profit at ₹ 91 crore; up 27%
Today, the Board of Directors of Akzo Nobel India Limited approved the unaudited financial results for the quarter ended December 31, 2016.
Performance highlights Akzo Nobel India Limited (Q3 FY17 versus Q3 FY16)
• Total revenue at ₹ 813 crore as compared to ₹ 798 crore of the corresponding quarter of the previous year; a QoQ growth of 2%
• Profit from operations at ₹ 91 crore as compared to ₹ 72 crore of the corresponding quarter of the previous year – QoQ growth of 27%
• Profit after tax at ₹ 69 crore grew 12% on a comparable basis over the corresponding quarter of the previous year. Previous year’s PAT of ₹ 71 crore included an exceptional income of ₹ 10 crore.
Comments Jayakumar Krishnaswamy, Managing Director, AkzoNobel India:
“Despite a tough business and economic environment due to demonetisation in November 2016, AkzoNobel India registered a revenue growth of 2% in the Q3 FY 2016-17. Profit from operations for the quarter at ₹ 91 crore grew by 27% over the previous year.
During the quarter we had inaugurated a specialty coatings production facility in Noida in Uttar Pradesh and successfully integrated the industrial coatings business acquired from BASF India Limited. The quarter was also marked with the successful launch of ColourFutures™2017 announcing Denim Drift as the Colour of the Year.
AkzoNobel India was honoured for its contribution in the industry, with awards for driving ‘Business Excellence’ and being the 'Pioneer in Coatings Technology' at the GLOBE Platinum Awards 2016World Business Conclave held at Hong Kong.
The prestigious “Golden Peacock Award” for Corporate Social Responsibility 2016 was awarded in recognition of the company’s role in education and skill development. The company also participated in Skill Mela organised by the National Skill Development Council, which was inaugurated by the Prime Minister on 19 December 2016.
About AkzoNobel India: AkzoNobel creates everyday essentials to make people’s lives more liveable and inspiring. As a leading global paints and coatings company and a major producer of specialty chemicals, we supply essential ingredients, essential protection and essential colour to industries and consumers worldwide. Backed by a pioneering heritage, our innovative products and sustainable technologies are designed to meet the growing demands of our fast-changing planet, while making life easier. Consistently ranked as a leader in sustainability, we are dedicated to energising cities and communities while creating a protected, colourful world where life is improved by what we do.
AkzoNobel India has been present in India for over 60 years and is a significant player in the paints industry. In 2008, the company became a member of the AkzoNobel Group. Our portfolio includes well-known brands such as Dulux, Sikkens, International and Interpon. With employee strength of close to 1,900, AkzoNobel India has manufacturing sites, offices and a distribution network spread across the country. All manufacturing facilities have a state-of-the art environmental management system. Its commitment to Health, Safety, Environment & Security (HSE&S) has been among the best in class globally, with due care being taken to protect the people and the environment