AkzoNobel India announces Q3 FY2016-17 results

Q3 FY 2016-17

Total revenue at ₹ 813 crore; up 2%
Operating profit at ₹ 91 crore; up 

Navi Mumbai, February 08, 2017: Today, the Board of Directors of Akzo Nobel India Limited approved the unaudited financial results for the quarter ended December 31, 2016.

Performance highlights

Akzo Nobel India Limited (Q3 FY17 versus Q3 FY16)

● Total revenue at ₹ 813 crore as compared to ₹ 798 crore of the corresponding quarter of the previous year; a QoQ growth of 2%

● Profit from operations at ₹ 91 crore as compared to ₹ 72 crore of the corresponding quarter of the previous year – QoQ growth of 27%

● Profit after tax at ₹ 69 crore grew 12% on a comparable basis over the corresponding quarter of the previous year. Previous year’s PAT of ₹ 71 crore included an exceptional income of ₹ 10 crore.

Comments

Jayakumar Krishnaswamy, Managing Director, AkzoNobel India:

“Despite a tough business and economic environment due to demonetisation in November 2016, AkzoNobel India registered a revenue growth of 2% in the Q3 FY 2016-17. Profit from operations for the quarter at ₹ 91 crore grew by 27% over the previous year.

During the quarter we had inaugurated a specialty coatings production facility in Noida in Uttar Pradesh and successfully integrated the industrial coatings business acquired from BASF India Limited. The quarter was also marked with the successful launch of ColourFutures™2017 announcing Denim Drift as the Colour of the Year.

AkzoNobel India was honoured for its contribution in the industry, with awards for driving ‘Business Excellence’ and being the ‘Pioneer in Coatings Technology’ at the GLOBE Platinum Awards 2016- World Business Conclave held at Hong Kong.

The prestigious “Golden Peacock Award” for Corporate Social Responsibility 2016 was awarded in recognition of the company’s role in education and skill development. The company also participated in Skill Mela organised by the National Skill Development Council, which was inaugurated by the Prime Minister on 19 December 2016.

Corporate Comm India(CCI Newswire)