Akzo Nobel India announces Q3 and 9M financial results for 2023-24
Gurugram, February 6, 2024
Today, the Board of Directors of Akzo Nobel India Limited, a leading paints and coatings company and maker of Dulux Paints, approved the financial results for the quarter and nine months ended 31 December 2023.
Highlights:
Record performance across all metrics in absolute terms in Q3 and 9M of FY24
Q3 FY24 versus Q3 FY23:
Revenue from operations at ₹1,032.7 crore, up by 5%
EBIT from operations at ₹146.3 crore, up by 20%
PAT at ₹113.8 crore up by 17%
9M FY24 versus 9M FY23:
Revenue from operations at ₹2,988.2 crore, up by 5%
EBIT from operations at ₹409.8 crore, up by 32%
PAT at ₹317.9 crore up by 33%
Commenting on the performance, Rajiv Rajgopal, Chairman and Managing Director, Akzo Nobel India said,
“We continued to build on profitable growth in Q3 and nine months of FY’24.
For the first time, our quarterly topline has surpassed the milestone of ₹1,000 crore mark, led by double digit growth in volumes. Our Coatings business and B2B segments sustained their robust growth trajectory. In the decorative paints business, retail saw a strong volume growth in the quarter and saw margin improvements. While we continued to invest in our business and brands, our profitability was further strengthened due to raw material deflation and favourable mix coupled with operating leverage.”
Dividend proposal:
“The Board of Akzo Nobel India remains committed to enhancing value for it’s shareholders. Hence, based on the performance in the nine months ended 31 December 2023, the Board is delighted to announce an interim dividend of ₹50 per share for FY’24” said Mr. Rajiv Rajgopal, Chairman and Managing Director, Akzo Nobel India.
Recent highlights:
Slew of product upgrades across categories in Decorative Paints:
In the mass market, Dulux Promise Interior and Exterior range’s new formulation now delivers higher coverage with good opacity, resulting in more saving for consumers.
In premium interior emulsion segment, Dulux SuperCover is upgraded to Dulux SuperCover Ultra. Boosted with the new Silicon technology, the latest upgrade delivers longer lasting colour with superior whiteness and comes with a 4-year warranty.
In the waterproofing solutions segment, the performance of Dulux Aquatech Flexible range of waterproofing basecoats has been enhanced resulting in an upgraded warranty of nine years (on Dulux Aquatech Flexible Neo) and 12 years (on Dulux Aquatech Flexible Advance) with the topcoat.
In professional segment, Dulux Professional Weathershield Prima E900 – the entry level premium exterior offering now comes powered with the advanced Silicon technology to offer a longer 6-year all weather protection to project exteriors.
Award & Recognition:
Akzo Nobel India has been honoured to jointly win the Gold Award for ‘Excellence in Business Responsibility and Sustainable Reporting – Mid Cap (Manufacturing Sector)’ in the third edition of Institute of Chartered Accountants of India’s Sustainability Reporting Awards 2022-23. This recognition underscores our continued commitment towards business responsibility and sustainability initiatives in India.
About AkzoNobel
We supply the sustainable and innovative paints and coatings that our customers, communities – and the environment – are increasingly relying on. Our world class portfolio of brands – including Dulux, International, Sikkens and Interpon – is trusted by customers around the globe. We’re active in more than 150 countries and have set our sights on becoming the global industry leader. It’s what you’d expect from a pioneering paints company that’s committed to science-based targets and is taking genuine action to address globally relevant challenges and protect future generations.
About Akzo Nobel India Limited
Akzo Nobel India is present in India for 69 years. In 2008, the company became a member of the AkzoNobel Group. With an employee strength of around 1,500, AkzoNobel India has five manufacturing sites, two RD&I centers, regional offices and a distribution network spread across the country. All manufacturing facilities have a state-of-the-art environmental management system. It’s commitment to Health, Safety, Environment and Security (HSE&S) has been among the best-in-class globally, with due care being taken to protect people and the environment. For more information, please visit www.akzonobel.co.in
Safe Harbor Statement
This report contains statements which address such key issues as AkzoNobel’s growth strategy, future financial results, market positions, product development, products in the pipeline and product approvals. Such statements should be carefully considered, and it should be understood that many factors could cause forecast and actual results to differ from these statements. These factors include, but are not limited to, price fluctuations, currency fluctuations, developments in raw material and personnel costs, pensions, physical and environmental risks, legal issues, and legislative, fiscal, and other regulatory measures, as well as significant market disruptions such as the impact of pandemics. Stated competitive positions are based on management estimates supported by information provided by specialized external agencies. For a more comprehensive discussion of the risk factors affecting our business, please see our latest annual report.
