Akzo Nobel India spurts after Q3 PAT rises 16% YoY

Akzo Nobel India jumped 5.51% to Rs 2349.40 after the company's consolidated net profit rose 16% to Rs 97.4 crore on 8% increase in revenue from operations to Rs 986.8 crore in Q3 December 2022 over Q3 December 2021.

On a consolidated basis, earnings before interest and taxes (EBIT) stood at Rs 121.8 crore, up by 12% YoY. Profit before tax (PBT) rose 19.2% YoY to Rs 131.60 crore in Q3 FY23.

Total expenditure rose 7.3% YoY to Rs 843.90 crore in Q3 FY23. Cost of raw material consumed fell 7.6% to Rs 480.60 crore while employee expenses rose 19.5% to Rs 76.50 crore.

The board announced an interim dividend of Rs 25 per share for the year 2022-23. The record date is set on Tuesday, 21 February 2023.

Commenting on the performance, Rajiv Rajgopal, managing director, Akzo Nobel India said, "In the first nine months of the fiscal year, our robust 25% revenue growth has led to market share gains across businesses."

He added "We have registered a topline growth of 8% in the quarter led by a strong performance across the Coatings businesses. Decorative paints saw a relatively muted growth, retail markets were affected by monsoon in October but saw an uptick in November and December. Our double-digit profitability was driven by margin management and operating efficiencies."

AkzoNobel India is a leading paints and coatings company and maker of Dulux Paints.

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