Akzo Nobel India shares gain over 5% as Q1 net profit rises to ₹114.6 crore

In its quarterly results released on August 1, the paints maker reported a net profit of ₹114.6 crore, up 4.4% year-on-year (YoY) compared to the ₹109.9 crore in the same period a year ago. The company’s revenue from operations for the quarter also increased 3.7% YoY to ₹1,036.3 crore against ₹999.2 crore in Q1FY24.

Rajiv Rajgopal, Akzo Nobel India chairman and managing director, said, “In the first quarter, we continued to deliver double-digit volume growth across our operating verticals driven primarily by B2B. Our gross margins expanded due to cost initiatives and sourcing efficiencies. We continued to invest in our brands and growth initiatives. These resulted in sustained double-digit profitability. We see an increase in the raw material costs in the second half of the fiscal. As a result, we are taking necessary pricing actions without losing competitiveness.”

Akzo Nobel India also informed the stock exchanges about the appointment of Namrata Kaul as an additional independent director, effective August 5, 2024. She will serve for a tenure of three years until August 4, 2027.

Akzo Nobel also said that it has entered the ultra-luxury market with Dulux Velvet Touch Eterna, an advanced interior emulsion featuring dust-resistance and a rich sheen finish. The company introduced the Dulux Promise range, offering 10% extra paint at no additional cost on 20-litre drums. AkzoNobel informed the bourses that it has launched Interpon A3000, a new single-layer powder coating for two-wheelers, aimed at improving cost and energy efficiency for two-wheelers.

Shares of Akzo Nobel India were trading 4.86% higher at ₹3,120.6 apiece on the NSE at 3:10 pm.