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Akzo Nobel India Q3 PAT grows 14% to Rs 87 cr

·2-min read

Consolidated profit before tax (PBT) soared 12.2% to Rs 117.08 crore in Q3 December 2020 as against Rs 104.37 crore in Q3 December 2019. Current tax expenses for the quarter soared 15.1% to Rs 32.23 crore as against Rs 28.01 crore paid in Q3 December 2019. The Q3 result was declared after trading hours yesterday, 9 February 2021.

The company reported its highest quarterly EBIT at Rs 114.60 crore, growing 18% Y-o-Y (year-on-year) from Q3 FY20. Commenting on the Q3 performance, Rajiv Rajgopal, the managing director of Akzo Nobel India, has said that: "The revival in the Indian economy as well as the festive demand helped drive revenue growth in paints, powder, marine and packaging coatings businesses leading to a strong double-digit volume growth."

"Segments like power and oil & gas were impacted, while Real Estate has started to see an uptick. We have augmented our portfolio with new launches which will help us sustain revenue growth. This coupled with tight operating expense (opex) management enabled us in achieving the highest EBIT. The industry is seeing inflationary pressure due to rising raw material costs and we will evaluate as the situation evolves over a period of time," he added.

Meanwhile, the Indian Government's efforts to provide the country with world class infrastructure have been boosted by the introduction of Dulux Professional Weathershield Anti-Carb which also complies with the specifications laid by the Ministry of Road, Transport & Highways.

The board has recommended an interim dividend of Rs 20 per equity share for the FY2020-21. This dividend shall be payable within 30 days from today. Friday, 19 February 2021 has been fixed as the record date for determining entitlement of members to interim dividend for the FY 2020-21.

Shares of Akzo Nobel India rose 0.09% to Rs 2,266 on BSE. Akzo Nobel India manufactures and markets a wide range of coatings and paints.



Source: Capitalmarket.com