Akzo Nobel India’s net profit up 43% in Q1 FY24, Real Estate News, ET RealEstate

August 26, 2023

NEW DELHI: Akzo Nobel India, a paints and coatings company, has reported a growth of 42.91 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 109.90 crore in Q1 FY24 as against Rs 76.90 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 1,007.40 crore, a growth of 6.47 per cent from Rs 941.80 crore it recorded in the similar quarter last year.

The board of directors recommended re-appointment of Rajiv Rajgopal as the managing director, for a further term of five years, with effect from November 1, 2023.

Rajiv Rajgopal, managing director of the company said, “Building on our profitable growth momentum, we delivered a record performance across absolute revenue, EBIT and PAT in the first quarter of FY24. Sequential softening in raw material costs and gains of earlier pricing actions translated to an improvement in gross margins. Favourable operating leverage drove continued double-digit profitability. Operating profit after tax crossed ₹ 100 crore mark per quarter for the first time.”

  • Published On Aug 3, 2023 at 12:30 PM IST

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