Companies

AkzoNobel India Q1 profit at ₹76 cr

PTI New Delhi | Updated on August 13, 2021

Revenue at ₹626.38 crore against ₹258.5 crore in the same period a year ago

Paints major AkzoNobel India on Friday reported a consolidated net profit of ₹75.91 crore for the quarter ended June 30, amid disruptions due to the second wave of the pandemic.

The company had posted a net loss of ₹20.26 crore for the same quarter last fiscal year, AkzoNobel India said in regulatory filing.

Revenue from operations during the period under review stood at ₹626.38 crore against ₹258.5 crore in the same period a year ago.

“While the quarter started on a positive demand trajectory, May was impacted by Covid-19 related disruptions. As India started unlocking, AkzoNobel delivered a robust recovery in June,” said Rajiv Rajgopal, Managing Director, AkzoNobel India.

Certain segments - such as marine, industrial and powder coatings - were more resilient, while retail and vehicle refinishes were subjected to a higher impact from the pandemic, he added.

Also see: Berger Paints clocks ₹135-cr net in Q1

“The impact on margins due to the second Covid-19 wave, together with continued raw material inflation, was partially offset by pricing initiatives and cost discipline. Overall, we continued to navigate profitability in a tough operating environment and delivered double-digit return on sales,” Rajgopal said.

Vaccinating painters

The company partnered with Ekincare to sponsor the vaccination of around 2,000 painters across several major cities.

In addition, the company’s runs a Covid-19 helpline which has helped nearly 20,000 painters register for free vaccination at designated locations close by. The initiative is providing impetus to its ongoing efforts to connect blue collar communities with healthcare.

Published on August 13, 2021

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