Paint maker Akzo Nobel India on Tuesday reported a 16.84 per cent year-on-year increase in its consolidated net profit to ₹113.80 crore for the third quarter, this fiscal, from ₹97.40 crore for the same period last fiscal.

The company’s revenue grew 4.65 per cent y-o-y at ₹1,032.70 crore for the third quarter of FY24 against ₹986.80 crore for the corresponding period of FY23, according to a stock exchange filing.

The company, in a release, said EBITDA from operations stood at ₹146.3 crore during the period under review, up by 20 per cent y-o-y.

“For the first time, our quarterly topline has surpassed the milestone of ₹1,000-crore mark, led by double digit growth in volumes. Our coatings business and B2B segments sustained their robust growth trajectory. In the decorative paints business, retail saw a strong volume growth in the quarter and saw margin improvements,” said Rajiv Rajgopal, Chairman and Managing Director, Akzo Nobel India.

“While we continued to invest in our business and brands, our profitability was further strengthened due to raw material deflation and favourable mix coupled with operating leverage,” Rajgopal added.

The company’s board announced an interim dividend of ₹50 per share for FY24.