Akzo Nobel India, a paints & coatings company and maker of Dulux Paints, on Tuesday reported a 28 per cent year-on-year (YoY) increase in its net profit at Rs 95.4 crore for the quarter ended on 31 March 2023.
The company’s revenue from operations also grew by 10 per cent YoY at Rs 951.4 crore in the quarter gone by, compared to the previous year in the same quarter.
Akzo Nobel India Managing Director, Rajiv Rajgopal, stated, “In FY23 we delivered a record performance in absolute terms across revenue, gross margins and EBIT while continuing to build on our double-digit profitable journey while gaining market share.”
In Q4, the increased salience of new launches in the premium category and network expansion in tier 3, 4 and 5 geographies led to growth in retail, he said.
“The benefit of prior pricing actions and softening raw material prices, supported by cost management initiatives drove improved profitability – both sequentially and on a year-on-year basis,” Rajgopal said.
The Board of Akzo Nobel India proposed a final dividend of Rs 40 per share, which is over and above the interim dividend of Rs 25 per share. With this, the recommended total dividend for FY23 will be Rs 65 per share, said Oscar Wezenbeek, Chairman, Akzo Nobel India.