Akzo Nobel India reported a near flattish net profit for the quarter ended March 31, 2022, at ₹74.6 crore. Profit after tax in the year-ago period was ₹74.2 crore.
Revenue from operations during the quarter (Q4 FY22) was up 11 per cent year-on-year, to ₹867 crore. Higher raw material costs and one time impact of ₹2.5 crore for resolution of an old property tax matter saw net profit remaining flat between the quarters.
For the full fiscal (FY22), the company reported its highest-ever revenue from operations at ₹3,149 crore. Revenue was up 30 per cent y-o-y. Profit after tax increased by 40 per cent y-o-y to ₹290 crore.
Focus on innovation
Rajiv Rajgopal, Managing Director, Akzo Nobel India, said the company continues to focus on innovation with two differentiated launches – Dulux Floor Plus in floor coatings and Dulux Simply Refresh in the Do-It-Yourself category in decorative paints.
Demand buoyancy in infrastructure, power, mining and packaging sectors propelled the coatings business, he said, adding that calibrated pricing initiatives offset the increase of raw material and other variables cost and “resulted in sequential improvement in margins”.
“In FY22, we made strong progress and registered highest-ever revenue and profit from operations. In a challenging business environment, we continue to post double-digit profitability consecutively for the third year,” he said.