Akzo Nobel India, the makers of Dulux Paints, has registered 27 per cent rise in standalone net profit at ₹95 crore for the quarter ended March 31, 2023, as compared with ₹75 crore same period last year.
Revenue from operations on standalone basis increased by nearly 10 per cent at ₹951 crore (₹867 crore) .
The company’s board has recommended final dividend of ₹40 per equity share for the financial year 2022-23. The total dividend for the financial year aggregates to ₹65 per share, including interim dividend of
EBIT from operations was up 32 per cent at ₹132 crore.
For the year ended March 31, 2023, net profit was up 16 per cent at ₹335 crore(₹290 crore) .
“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. In Q4, increased salience of new launches in premium category and network expansion in tier III, tier IV and tier V 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,” Rajiv Rajgopal, Managing Director, Akzo Nobel India, said in a press statement.
The company’s scrip closed at ₹2,506.20, up 2.75 per cent on the BSE on Tuesday.